Prev : Next American Home Products acquires Genetics Institute
Curtains for a technical monster
American Home Products (AHP) acquires a controlling interest in Genetics Institute, Inc. of Cambridge, Massachusetts. Genetics Institute has established a reputation as a technical powerhouse, but its commercial progress has been hampered by legal troubles – competition with formidable competitors for rights to markets for recombinant proteins. The biggest blow to Genetics Institute’s commercial prospects and financial health is a court ruling that effectively awards the market for erythropoietin (EPO) to Amgen. In 1996, AHP purchases the remaining 40 percent of Genetics Institute, and, in 2002, changes its name to Wyeth, reviving the name of the venerable chemical and pharmaceutical firm that it had acquired long ago.