Biotech Honors the Best of 2003
Outstanding Products, Companies, Individuals, and Business Strategies Are Honored by Peers
Winners of the Best of Biotech 2003 awards and inductees into the Biotech Hall of Fame were announced Sunday night, October 12, at the 16th Annual Biotech Meeting at Laguna Niguel, a biotech CEO-only conference hosted by Burrill & Company and Kleiner Perkins Caufield & Byers. For a decade and a half, the CEOs of the biotech industry have recognized the outstanding achievements of the past year, heralding colleagues, individual contributors, and the companies behind the scientific breakthroughs and business success. The awards celebrate those industry leaders who have made significant contributions to biotech over the years as well as those who continue to make biotech one of the most exciting, unpredictable and life-affirming industries in the world.
Nominations are made by the Biotech Meeting Advisory Committee and sent to the industry CEOs, who then vote in each of seven categories. "There is no greater recognition than that of one's peers," commented G. Steven Burrill, CEO of Burrill & Company, a San Francisco-based life sciences merchant bank and co-host of the meeting.
This year's winners are:
THE BEST OF BIOTECH 2003
Best New Approved "Therapeutic" Product:
Genentech/Tanox/Novartis -- Xolair
In June 2003, the FDA approved Xolair omalizumab for the treatment of moderate-to-severe persistent asthma in adults and adolescents. Xolair is the first humanized therapeutic antibody for the treatment of asthma and the first approved therapy designed to target the antibody IgE, a key underlying cause of the symptoms of asthma that has an allergic component.
Best New Approved Product Other Than a Therapeutic:
Angiotech/Boston Scientific -- TAXUS
In January 2003, the Companies received European CE Mark approval for its TAXUS paclitaxel-eluting stent system. The TAXUS product uses the Express2(TM) coronary stent system as its platform.
Most Important Public Financing of the Year:
Cephalon -- $750 million convertible subord notes
In June 2003, Cephalon priced an offering of $600 million aggregate principal amount of Zero Coupon Convertible Subordinated Notes. Later that month, the initial purchases exercised in full their option to purchase $150 million of additional notes.
Most Important Private Financing of the Year:
Cytokinetics -- $40 million Series E Preferred
In April, Cytokinetics raised $40 million in a Series E Preferred stock offering. New investors in this round include General American Investors, HBM BioVentures, PRM Ventures and Mizuho Capital. Existing investors participating in this round include Sevin Rosen, CSFB Private Equity, Alta Partners, Mayfield Fund, Vulcan Ventures, GlaxoSmithKline and others. These funds will be used to continue to grow Cytokinetics' capabilities in clinical development and pre-commercialization planning, which includes the filing of IND's for two additional, proprietary drug candidates this year.
Most Creative and Significant Deal:
Eyetech/Pfizer -- $745M
In December 2002, the Companies partnered to develop and market Eyetech's Macugen pegaptanib VEGF-binding aptamer to treat age-related macular degeneration (AMD) and diabetic macular edema (DME). Eyetech could receive up to $295 million in initial and milestone payments. Eyetech also may receive up to $450 million in milestones contingent upon marketing and sales levels. Both companies will co-promote the product.
Most Creative and Significant Merger and/or Acquisition:
J&J acquires Scios -- $2,400M
In February 2003, Johnson & Johnson acquired autoimmune and cardiovascular company, Scios for $2.4 billion in cash, net of Scio's cash. The deal strengthens Johnson & Johnson's cardiovascular pipeline and gives it an advanced kinase inhibitor research program.
BIOTECH HALL OF FAME 2003
The Biotech Meeting also recognizes the cumulative contributions made by organizations and individuals over the 30+ year history of this industry.
Leading Company:
Cephalon is an international biopharmaceutical company dedicated to the discovery, development and marketing of innovative products to treat sleep and neurological disorders, cancer and pain. Cephalon developed Provigil, a treatment for the sleep disorder narcolepsy and currently in Phase II for ADHD.
Scientific Achievement:
Anderson, Hanna, Rastetter, Grillo-Lopez for the discovery and development of anti-CD20 antibody Rituxan. Rituxan is the first FDA approved monoclonal antibody for the treatment of cancer in the United States.
Special Recognition for an Individual:
Art Levinson has served as the Chief Executive Officer and Chairman of Genentech since July 1995. Dr. Levinson has served on the editorial boards of Molecular Biology and Medicine, Molecular and Cellular Biology and Virology and on the boards of the Pharmaceutical Research and Manufacturers of America (PhRMA), the Biotechnology Industry Organization (BIO) and California Healthcare Institute (CHI). He is active in the American Society of Microbiology, the New York Academy of Sciences, the American Association for the Advancement of Science, and the American Society for Biochemistry and Molecular Biology. In 2003, Dr. Levinson joined the board of scientific consultants of Memorial Sloan-Kettering Cancer Center and the advisory committee of the California Institute for Quantitative Biomedical Research (QB3).
Past winners of the Best of Biotech Hall of Fame (Leading Company)
1997: Amgen, Biogen, Chiron, Genentech, Genzyme
1998: Centocor
1999: Immunex
2000: Millennium
2001: IDEC
2002: Affymetrix, ALZA, MedImmune, Serono Labs
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