Friday, July 8, 2011

Genentech patent may hold key to cancer drug maker's IPO

One of the biggest biotech IPOs so far this year carries a significant Bay Area caveat and an important connection.
Cancer drug developer Merrimack Pharmaceuticals Inc. of Cambridge, Mass., said late Friday that it plans to sell about $173 million of common stock in an initial public offering. But the IPO is shrouded by a potential patent battle around its lead products, as well as two preclinical drugs, that involves South San Francisco biotech powerhouse Genentech Inc.

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