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The San Francisco Examiner from San Francisco, California • Page 63
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The San Francisco Examiner from San Francisco, California • Page 63

San Francisco, California
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I SAN FRANCISCO EXAMINER, Aa 24, 1995 D-23 tut mm Bay Area inn OP ps firms have is that many are closely held and don't face the kind of short-term earnings pressure American rivals do. The chance to cherry-pick promising but cash-poor biotech firms lures even some biotech companies the big ones. Cenentech Inc. (Top 100 No. 57) is pouring money into Scios Nova Inc. of Mountain View for a shot at half the profits from a kidney-failure treatment, and Amgen Inc. snapped up a bunch of drug leads by buying Synergcn Inc. Any big drug company can offer some of the things most biotechs lack, such as the ability to shepherd drugs through clinical trials, devise large-scale production processes and market worldwide. $4 billion a year on basic research, 20 percent of it for external projects in either the biotech sector or academia. That portion will double in five years, predicts Viren Mehta, an analyst with Mehta Isaly in New York. With all this drug-company money flowing into the biotechs and occasionally a takeover popping at a fat premium why shouldn't stock investors go along for the ride? Unfortunately, the drug firms' interest hasn't really made it easier to decide what a speculative, development-stage biotech should sell for. Denise Gilbert, Affymax's chief financial officer, says she tried in vain to value technology-based companies during her previous career as a biotech analyst. The $539 million price Glaxo paid was based not on any earnings projection but on the estimated cost of duplicating Affymax's skills. before. Bayer is a good example. The German aspirin maker's research chief flew in to meet with a group of start-up company scientists in February at a Lake Tahoe retreat attended by seven of his counterparts at other drug firmB. Bayer has its biotechnology center in Berkeley, where it is building a $100 million manufacturing plant and has 20 specialists devoted to scouting out potential partners. Last year it signed up two, and this year it expects to recruit up to half a dozen others. Its $70 million deal with Arris Pharmaceutical Corp. of South San Francisco involves a technique for attacking inflammation such as asthma, allowing Bayer to drop similar work internally. Five drug giants besides Bayer, all European, have taken front-row seats in the San Francisco area, the largest concentration of biotech firms. One advantage European Inc. of Richmond, having found targets along cancer's metabolic pathway, penned a $75 million collaboration with Bayer AG in May 1094. The deal is similar to most such pharmaceutical-biotech alliances, in which the biotech partner contributes a proprietary technology or drug candidate in exchange for upfront or equity payments and research funding, plus milestone payments based on key results in the clinic. Royalties or profit sharing loom on the back end. Drug company Interest rum deep The depth of drug-company interest in technology purveyors is evident at biotech gatherings, which invariably swarm with pharmaceutical executives or representatives. In January, Hambrecht Quist's annual health care conference in San Francisco drew 165 of them, up 30 percent from the year Affymax is an example of a biotech offering an "arrow" technology often contrasted with those that have "target" technologies. An arrow technology might offer ways to guide drugs to a given site within the body, or ways to concoct and test a vast number of drug recipes. What Glaxo got by buying Affymax was access to a disposable microchip, crammed with a million fragments of DNA, that acts like a computerized te8t tube. When partial DNA extracted from blood is squirted on the chip, it attaches to the one spot in a million that is its chemical complement; there it emits a light, which is scanned by laser and processed by computer. The chip can reveal in minutes how an experimental drug might interact with, say, the gene that causes cystic fibrosis, or tell whether a patient is a carrier of that gene. The so-called target companies go after body sites involved in disease, providing methods to pinpoint molecular locations at which a drug could intervene. Human Genome Sciences compiles inventories of new sites and clues to their functions. Onyx Pharmaceuticals UlOTECllfromD-9 Drug giants grab Bay Area biotech mote mergers In the group. But in a way, Wall Street and the drug industry may both be right Some analyst suggest that issuing public equity may be a poor way to finance ventures as speculative as biotech companies; of the 240 that are public, at least half have only enough cash to continue for 18 months, according to Recombinant Capital, a San Francisco consulting firm. These classic biotech shops that bet everything on a few molecules make drug giants wary, too. It is the biotechs with broadly enabling technology, rather than a few intriguing compounds, that are the hot tickets. And some don't even chafe at the idea of losing their independence. Alejandro Zaffaroni, founder of Affymax, says, "My goal from the very beginning was to transform our company into a lead discovery center for big pharma." The ultimate bait Of course, money is the ultimate bait Drug companies spend about At Neltcor, our high standards of excellence have created technology capable of taking healthcare wherever it needs to go. 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IN THE DOWN TO BUSINESS SERIES AT STACEY'S BOOKS For more info call MIMA iNifcHNAiiUNAi at iis-aoi-oan SEMINAR 'DOING BUSINESS ON THE INTERNET1 Jerry Spence, author ot "How to Argue and Win Every Time' Friday April 28th at 12:30: FREE Hear the famed attorney from the Karen Silkwood an4 DanHu Woauor trials nn the. nraument' presented by Interactive Dimensions, the Internet consulting Pa Tnniro inrl- Inlarnal Markelinn tools. Internet Security issues, World Wide Web much more. $99. Wed. May 17, STACEY'S: 581 Market betw 1st 1 2nd Sts. 415-421-4687 TODAY FORTY PLUS helps managers professionals over 40 find meaningful jobs. Orientations, each Monday, 8:00 a.m. For information, phone Pat Blair 510-430-2400. Is The Internet Improving Organizations, Worklife and Society? A free, public debate featuring advocates and opponents from Wells Fargo Bank, RadioMail Pacific Bell, and others. Sponsored by the Golden Gate University Department of Information Systems. Monday, April 24, 5 to 7pm Auditorium Second floor, Golden Gate University, 536 Mission between First and Second Streets. TUESDAY APRIL 25 STACEY'S INVITES YOU TO MEET BO UNKS Author of 'Follow the Wind' Tuesday April 25th at FREE The 'Shoeless Joe of golf stories, 'Follow the Wind' ia aura tn onnaal In nnlfara AuaruwhftfA 9am-1pm. Nikko Hotel, 5l-. rot more imo: oiu-Mr-a 650 COURSES AROUND THE BAY UC Berkeley CvtonoiAn'a eiimmof mtalna is now available describina 650 SEMINAR APRIL 28th. Importing Advice From the Experts, spons by the Port of SF. Ferry 3rd fir. Commission Rm. $68, $49 students. 415- 956-0807 I 'r" I VALUE 0 LSTOJ OVER 50 IN STOCK Price Tax, License Doc. Subject to Prior Sale. Expires 43095 SKffiH, SALES i FRANK VERDUCCI'S Kyf 7 DAYS REPAIR I A WEEK I iPMlllTMliMLHfiSfl RENTAL 999 SERRAMONTE CO IMADALY CITY, 755-7007 1 Tiflf if 1 i We II iMQfyJl D2M evening, weekend, and short courses in Berkeley, San Francisco, MenloAtherton, Honnert ram, r-remoni, san SATURDAY APRIL 29 Ramon, and Walnut week. Meet instructors ano sian auree intivmotinn oo8inn in Anril and Mav. Classes beoin in June. For tree catalog, can taim m-oi c. ei. aw JOIN WOMEN LIKE YOURSELF- Set aside one hour ot Telecommunications: Network Management- Tools TAiMniviA Cat knr OQ Qam-tam snnnsomri hv thft I WHIIUIvyivVi VOL, t-s, vuih win, San Francisco State University College ofExtended your life to start planning the rest ot It. Where: San Francisco Hyatt, Union Square 345 Stockton St.Sutter Post When: Saturday, May 6th STACEY'S: 581 Market betw 1st 1 2nd Sts, 415-421-4687 Learning Downtown ur, MarKet; ioo. qio-wi ruu FUTURE NO MONEY DOWN: ff lack of a down payment stopped you from buying real estate, this program will get you started again. 7-9pm, Tuesday, April 25. 847 N. San Mateo Dr. COURSES WITHOUT THE COMMUTE University ol Calif. Cvtnncinn' Pontar Inr MnHia Inrinnanifant Leflrnina offera San Mateo. $aJ. tia- a43-iaai 10 a.m. or 1 p.m. Wednesday, May 10th 10 a.m., 1:00 p.m., 4:00 p.m. or 7O0 p.m. Get Started on the Path to Financial Health at Wells Fargo Securities' FREE WOMEN'S WORKSHOP hnotoH hv rwio HiirtWessa Vice President. courses by mail, electronic mail fax. Enroll at any time; TEACH ENGLISH OVERSEAS 'Get Your RSATEFL Certificate' St. GilesLanguage Teaching Center. Free. One Hallidie Plaza 1350 (5th Mkt) 788-3552 worn at your own pace, uioose irora ovoi iau tuirauo mm protessionai-ievei courses, ror nee Kniaiuy, Bimntm Reservations required Call 1-BO0-866-6822 THE PROSPERITY WORKSHOP51 for Women, May 19-20; Ira linn OA This Wnrkshnn emnnwera vou to create FREE- HANDS ON VIDEO EDITING CLASS -Leam the basics from the editing professionals Reservations reo'd. VideoCat Productions (415)512-9061 Panel Discussion- Careers In Training. Four women FIRST-TIME EXPORTERS: Seminars sponsored by U.S. rwit ni r.nmmort-.ftf.rm Leam how to market vour oroduct prosperity self-sufficiency beyond what you now think overseas, finance shipments, select freight forwarders, pOSSlDie. li is aesiyneu iu jvtw ywu imv wmwi; prepared lor tne cnanging race ot persuimi a piuieosiunai negotiate joint ventures ai mukei weas. May iu a aDunaance. near into: lo-a-oauo EHsbuc, uaKiano. into: 4ia-q-io-swt ACCOUNTING SOFTWARE TDAIMIUA Ci A discuss their careers ana transitions. ou, Alumnae Resources (415) 274-4700 WEDNESDAY APRIL 26 Human Resource Management: Conflict Management Alternative Dispute Resolution, Tues. Thurs. May 2,4,9 MAS90.ACCPAC Plus and more. Other classes offered: Motiunrltinn Fr.el MS Word, and PowerPoint. 11, pm, sponsorea ny tne oan rranciswi oimo University College of Extended Learning Downtown Center, Cost: Call Lindquist Lukrich Consulting 425 Market; call t4isi aw-rruu cdcc DADii CT1iniFS PROGRAM AND CAREER for class schedule or more intormation is-auo-oauu Save Unnev and Increase Productivity Through Integrat INFORMATION SESSION. A special program and career ed Disability Management and Early Return to Work intormation session lor entering paiaieyai biuubmib muoo inirAetaH in annluinn tn tha nrnnrflm VVaH Anril 26. IIIIUIO0IGU III IV fur- pm, sponsosred by the San Francisco State University Strategies sponsored Dy tne Nonnern iamomia vnapier of the International Society of Certified Employee Benefit Specialists. May 3, The Commonwealth Club, 595 Market St. 2nd fir, SF $30 Res or Info (510)933-7986 10.5 APR Heme Improvement Loans From 15,000 or up to 60 months No closing costs, no collateral, no equity needed College ot txtenaea Learning uowntown whh, 425 Market. No reservations necessary. (415) 904-7770 Attend our free APARTMENT OWNER'S WORKSHOP Apr. 26, or Apr. za, Call to reserve your materials, cw-aaa oaog THE CENTER FOR THE FUTURE OF ORGANIZATIONS presents THE ROLE OF DIALOGUE IN FACILITATING chamrf with Dr. Edaar Schein. Fixed-Rate PARTY MONSTERS! Here's your guide to great times! VOUniiKAxwim internationally known expert on organizational culture and process consultation. From 7-9pm at THE CALIFORNIA SCHOOL OF PROFESSIONAL PSYCHOLOGY 1005 Atlantic Home Equity Loans Ave Alameda. $18. 800-298-0317 to register THURSDAY APRIL 27 PLAEl-A-ClLEQRATIOn CSU. Sacramento Alumni Networking Event Your psrty planning cui3 World Trade Club in Ferry Building, Thursday April 27. 1995, 5-8pm; for info call (415)705-5521 SEMINAR: 'Managing Call Avoidance' Maximize your calling rate witn less stress, mciuaes rnec une muw tnrii 97 i-tam CMr. Rnnk of Commerce. No closing costs or processing fees Loans No closing costs, only $250 processing fee Lxinso $5 ,000 Closing costs from To apply for a Inan or for memhership information, call 1-800-732-8233 8:30 A M. 4:30 P.M. Eastern Tito Please mention Code 614 when you call. Pentagon Federal is one of the largest and safest credit unions serving Army, Air Force and M) personnel; active duty, reserves, National CuanJ and veterans. Members of certain military associations can join. Retirees and relatives ef th above are eligible as welL Call today and well help you lind out if you're eligible. Wiiouiiaiivti. Walnut Creek. $75. For more information, call 510-253-0646 Wednesdays, Thursdays, REACH YOUR BUSINESS AUDIENCE IN THE BUSINESS COMMUNITY CALENDAR Every Monday, reach over 1.5 million readers. Place your announcement with us by calling (415)777-7363, or your regular Classified sales representative. Commercial and non-profit rates are available. Community Business Calendar mailing address is: Classified Advertising 925 Mission Street SF CA 94103 Fax (415)543-3897 Deadline: 5 PM Thursday for following Monday Sourer 1991 Su Knnciaco Sartwough Report. THE CHRONICLE THE EXAMINER CLASSIFIEDS S.F. Business and Professional Women Annual Officers Installation Luncheon. Caterina Rando will present: Taking it to the Next Thurs. April 27th, Pan Pacific Hotel, 500 Post S.F. Mbrs $24, nonmbrs $29. Reserve Dy April mm Vniir fiArvirM. Hpln fnr contract Fridays and Sundays Advertisers, call 777-7363 workers and consultants. 6-9pm. $45. Alumnae Resources. For reservations can u-iw LATIN AMERICAN UPDATE Reception panel discussion featuring ARGENTINA- Zane Gresham, Partner Morrison Forrester; HHAZll-Joai Aimino, wnsui uenerai, ora-c- Dornalna UoaH I Otifl Am fliu I RVI SlTflllSfl Pentagon Federal Credit Union HVIO uonwica, i n.uw cnM a orvm CC rhamKAr rtt Crtmmarrn 4fi5 Cfllifnmifl. 9th fir. $12 mbrs of ITC, Pan Am SFCC, students; $15 Distinguished Members. Proven SAN FRANCIXO NEWSPAPER AGENCY AGENT OF San JrantiM wniclr 8m Jnwcun JExamiatr n-mbrs. RSVP International iraae council io- wa-ooot to mh bit km All loam ht to Hfunmll Rtn Hifiw to Amt Wt hunm in riWPRl) You mtw hr 9 mrmbrt ENTERPRISE FOR HIGH SCHOOL STUDENTS is celebrating oc at limrhonii with Dr Manrv Knvrtermfln. i I tf.U I W.mi. An I uti AU MH: BLUfJXfWIIhlhehfttCMINHIUlt NCtlk 60m.uhljpaviKWsolaT'o''' 10 rain. nxoj airimY utB'iim7 aihi HkAlu UI.IH0 nv. Noti-owir-i tj YrrcilQ Ql A IUI1UI IVVII fun Kit Apr 27, noon, Sheraton Palace Hotel, SF. $50. Call 921-6554

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