ebooks Genentech: The Beginnings of Biotech (Synthesis) by Sally Smith Hughes in History

Description

In the fall of 1980; Genentech; Inc.; a little-known California genetic engineering company; became the overnight darling of Wall Street; raising over $38 million in its initial public stock offering. Lacking marketed products or substantial profit; the firm nonetheless saw its share price escalate from $35 to $89 in the first few minutes of trading; at that point the largest gain in stock market history. Coming at a time of economic recession and declining technological competitiveness in the United States; the event provoked banner headlines and ignited a period of speculative frenzy over biotechnology as a revolutionary means for creating new and better kinds of pharmaceuticals; untold profit; and a possible solution to national economic malaise.