Genentech provides investors with strategic plan overview, company updates

By Lisa Kerner

Erie, Pa., March 17 - Genentech, Inc. said it plans to bring at least 20 new molecules into clinical development as part of its Horizon 2010 strategic plan.

The company, making the announcement at its investment community meeting in New York, provided additional details on the plan and gave an overview of recent company developments.

Other Horizon 2010 goals include bringing at least 15 major new products or indications onto the market, becoming the number one U.S. oncology company in sales, and achieving an average compound annual non-GAAP earnings per share growth rate of 25%.

Genentech also announced that its anti-CD20 humanized monoclonal antibody (ocrelizumab) phase 1/2 study in rheumatoid arthritis met its primary endpoint of safety in all doses studied and its secondary endpoint of clinical activity at all dose levels studied.

Other updates included Genentech's decision to purchase land to construct a fill/finish manufacturing facility in Oregon, as well as the Food and Drug Administration's approval of Xolair (omalizumab) bulk drug substance production at Novartis' facility in France.

"Our success over the past several years has transformed our business, leading to additional opportunities for growth," chairman and chief executive officer Arthur D. Levinson said in a company news release.

"We remain focused on understanding the basic scientific mechanisms of disease, so that we are better able to select the right targets quickly, develop those targets in the clinic, and deliver novel therapies that could change the course of some of the deadliest diseases."

Located in South San Francisco, Calif., Genentech discovers, develops, manufactures and commercializes biotherapeutics for significant unmet medical needs.

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