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GSK Gives Affymax Independence: Company To File IND, IPO In Three Years

Executive Summary

Affymax Research Institute is re-emerging from GlaxoSmithKline as an independent company with the goal of filing its first IND by the middle of the decade.

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Bayer Spins Off Respiratory Products To Former Execs At Aerovance

Bayer is spinning off rights to several respiratory products in development to Aerovance, a start-up biotech company led by former Bayer executives

Cashing in on Affymetrix

GSK recorded $216 mil. in profits from a reduction in its holdings in Affymetrix during the first half of 2000. Glaxo acquired 65% of Affymetrix as part of the $485 mil. purchase of Affymax in 1995. Glaxo sold additional shares of Affymetrix in the second half of the year, which contributed to an additional $280 mil. in profits from equity investments. GSK now owns 16% of the company, and has surrendered its right to board representation

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