Genomics and industrialization come to an end... Two more genomics giants have thrown in the towel on genomics. Millenium Pharmaceuticals Inc. (MLNM) and Vertex Pharmaceuticals Inc. (VRTX) announced that they would scale back their research efforts in order to focus on drug development. Earlier, Human Genome Sciences (HGSI), Incyte Corporation (INCY), Celera Genomics (CRA), and Curagen (CRGN) had already taken dramatic steps to re-orient their businesses from industrial target discovery to drug development. These companies got rid of the “Discovery” and “Genomics” labels and replaced them swiftly with “Pharmaceuticals” and other similar designations. Some of the more charismatic figures like Craig Venter and William Haseltine returned to academia and research. Now these companies struggle to redefine their business models, offerings and target markets. Will they succeed?
