SAN FRANCISCO, Oct. 15 /PRNewswire/ -- Winners of the Best of Biotech 2004 awards and inductees into the Biotech Hall of Fame were announced Sunday night, October 10, at the 17th 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 2004 Most Important New Financing - Public: Eyetech -- $157M IPO -- David Guyer, CEO
In January 2004, Eyetech raised $157 million in an IPO through the sale of 7.5 million shares at $21, giving the ophthalmic therapeutic developer a post-money valuation of $831.6 million. The $21 price was $1 above the high end of the company’s previously proposed range of $18-$20.
Most Important New Financing - Private: Jazz -- $250M series B round: Samuel Saks, CEO
In March 2004, neurology company Jazz raised $250 million in the biggest biotech venture round ever, a series B round led by Kohlberg Kravis Roberts. Other investors included Prospect Venture Partners and Versant Ventures -- both previous investors. New investors included Beecken Petty O’Keefe; Golden Gate Capital; Thoma Cressey Equity Partners; Adams Street Partners; EGS Healthcare Capital; Lehman Brothers; and an entity associated with Oak Hill investment group.
Best New Approved Product - Therapeutic: Genentech -- Avastin, Arthur Levinson, Chairman, President, CEO
In February 2004, the FDA granted marketing approval to Genentech for its Avastin bevacizumab as a first-line treatment for metastatic colorectal cancer in combination with 5-fluorouracil (5-FU). The humanized monoclonal antibody against vascular endothelial growth factor (VEGF) is the first FDA-approved cancer therapy designed to inhibit angiogenesis. Roche has ex-U.S. rights to Avastin.
Best New Approved Product - Other: OraSure -- OnaQuid HIV-1/2 test: Douglas Michels, President and CEO
In June 2004, the FDA approved OraSure’s OraQuick HIV-1/2 test to detect HIV-2 antibodies in oral fluid samples. The test already is approved to detect antibodies to HIV-1 in oral fluid, and antibodies to both HIV-1 and HIV-2 in blood and plasma samples.
Most Creative and Significant Deal: Amgen/Biovitrum -- $522M+: Mats Pettersson, CEO
In September 2003, Biovitrum granted Amgen exclusive rights to develop its small molecule 11beta-hydroxysteroid dehydrogenase type 1 (11b HSD-1) enzyme inhibitors, including lead compound BVT.3498, which is in Phase II testing for Type II diabetes.
Most Creative and Significant Merger and/or Acquisition: Biogen/Idec Merger, November 2003 -- $6.7B: James Mullen, President, CEO
In June 2003, Biogen and Idec agreed to merge in an all share deal that left Idec shareholders owning 50.5% of the new company and Biogen shareholders owning 49.5%. Each Biogen share was to be exchanged for 1.15 Idec shares, and the deal valued Biogen at $6.7 billion, based on Idec’s close at $38.97 and Biogen’s 148.5 million shares outstanding.
HALL OF FAME Special Recognition - Company: Genetics Institute: Robert Essner, Chairman, President, CEO
Acquired by American Home Products, then by Wyeth in 2002 to form Wyeth Pharmaceuticals (a division within Wyeth), the Company is the developer of Enbrel. Enbrel is the first and only approved therapy for both the inhibition of structural damage and the reduction in signs and symptoms of patients with psoriatic arthritis.
Special Recognition - Individual:
Francis Crick, who passed away this year, is renowned for elucidating the structure of DNA. For this accomplishment, Crick, along with James Watson and Maurice Wilkins, was awarded the Nobel Prize in Physiology or Medicine in 1962. In 1976, he joined the Salk Institute for Biological Studies, where he pursued his interests in understanding the brain and the nature of consciousness. Crick was most recently a distinguished research professor and a former president of the Salk Institute.
Scientific Achievement:
Judah Folkman conducted pioneering research on the mechanism of angiogenesis, opening a field of investigation now pursued worldwide. His laboratory reported the first purified angiogenesis molecule, the first angiogenesis inhibitor, proposed the concept of angiogenic disease, and has
begun clinical trials based on this research. He is a professor at Harvard Medical School.
About Burrill & Company
Burrill & Company is a life sciences merchant bank, focused exclusively on companies involved in biotechnology, pharmaceuticals, diagnostics, human healthcare and related medical technologies, wellness and Nutraceuticals, agricultural technologies, and industrial biotechnology (biomaterials/bioprocesses).
Venture Capital
The Burrill family of venture capital funds, with over $500 million under management, includes the Burrill Life Sciences Capital Fund, the Burrill Biotechnology Capital Fund, the Burrill Agbio Capital Fund and its successor -- the Burrill Agbio Capital Fund II, and the Burrill Nutraceuticals Capital Fund.
Strategic Partnering
Burrill & Company assists life science companies in identifying, negotiating and closing strategic partnerships between large and small companies in providing access to resources, technologies or collaborations essential for executing their business plans.
Burrill & Company also works with major life science companies to spinout internal assets and capitalizes on their value, ranging from the outright sale s of products or businesses to creation of new companies to exploit these assets. Burrill uses its extensive network to help companies identify, assess and capture (“spin-in”) products and companies strategic to building their businesses.
We have completed more than 25 strategic partnerships with a value in excess of $1.5 billion.
Strategic Advisory Services
Burrill & Company works with leaders of life science companies of all sizes (from start-up to big Pharma) on growth strategy with a focus on how strategic transactions and partnerships can enable and accelerate the achievement of corporate objectives. We combine our scientific, business operations, financial and technical skill sets with an objective advisory approach. We then work with our external clients to implement these plans, whether it is to succeed through an M&A/partnering transaction or a financing, divestiture or a restructuring.
Biotech 2004/Burrill Datacenter
Burrill & Company’s annual analysis of the “State of the Industry” has been an important part of the biotech industry’s view of itself over the last 18 years. Biotech 2004-Life Sciences: Back on Track, is a perspective on where the industry has been and is going and was released Q1 04. In addition, the newly created Burrill Datacenter is an online resource for keeping up-to-date information from the biotech industry at your fingertips, including updated data from Biotech 2004. To order Biotech 2004 or to subscribe to the Burrill Datacenter, visit http://www.burrilldatacenter.com/ or call 415-591-5400.
Burrill & Company
CONTACT: Mandy Jones of Burrill & Company, +1-415-591-5405, or fax,+1-415-591-5401, or mandy@b-c.com
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