Biotechnology stocks are being tipped to 'do in 2000 what Internet stocks did in 1999' - that is, make money. The reason for this, it is postulated, is that 'we are on the brink of a revolution in drug discovery and manufacture, which will result, ultimately, in customised medicines'. This is pharmacogenetics, in which a drug is designed to match with the genetic make-up of a patient, thus increasing its effectiveness. According to GlaxoWelcome, tests are under way now, with results expected to be available within one to three years.
British Biotech saw its share prices collapse this week after bad news about Marimastat, its lead cancer drug. In a study, either Marimastat or a placebo was added to the leading cancer drug treatment. Those given Marimastat survived no longer than those patients taking the placebo.
Monsanto, the name most would associate with genetically modified (GM) food, is to be scrapped. Monsanto is to merge with US-Swiss pharmaceuticals group Pharmacia and Upjohn, and the new company will be called only Pharmacia. The Monsanto name became tainted when anti-GM feeling spread to the US. The Monsanto name will continue to be used by an autonomous agricultural subsidiary only.
A Committee of the House of Commons is to question the perceived 'threat to British research' that is posed by the merger of Glaxo Wellcome and SmithKline Beecham. The heads of both companies have been called upon to explain the impact that the merger will have on British jobs, research and development, and the possibility that the company may move to the US, with the closure of British research sites.
Sources and References
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Biotech: the next big thing
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Monsanto's name radically modified
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Worried MPs to quiz Glaxo merger chiefs
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Biotech drug trial failure harms shares
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