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Business

Genentech Will Buy Asthma Firm Tanox

November 20, 2006 | A version of this story appeared in Volume 84, Issue 47

Genentech will pay $919 million for biotherapeutics firm Tanox in order to improve returns on the asthma treatment Xolair. The companies, with Novartis, have collaborated since 1996 in the development and commercialization of Xolair, which was approved in 2003. By acquiring Tanox, Genentech will no longer have to pay a royalty on Xolair sales and will capture the profits Tanox receives from Novartis. U.S. sales of Xolair totaled $307 million in the first nine months of this year. Genentech also gains Tanox' drug pipeline, which includes an antibody that inhibits HIV entry into target cells, currently in Phase II trials.

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