First published 2011
Sally Smith Hughes chronicles how Genentech transformed from an obscure California startup into a biotechnology giant. In autumn 1980, the company stunned Wall Street by raising over $38 million in its public offering, with shares jumping from $35 to $89 in minutes. This marked the largest stock gain in market history at the time, despite the firm having no products on shelves and minimal profits. Hughes draws on extensive interviews with industry pioneers to tell this improbable success story. She profiles key figures like cofounders Herbert Boyer and Robert Swanson, showing how individual personalities shaped scientific progress. The book reveals how Genentech navigated conflicts between academic research and commercial interests, dealt with government oversight, and attracted venture capital funding. Hughes demonstrates that biotechnology's rise was far from inevitable, requiring entrepreneurs to overcome significant obstacles during a period of economic recession and declining American technological leadership. The story illuminates the complex relationships between scientific discovery, business strategy, and financial markets that created an entire industry.
Genres: history, science, business, non-fiction, 21st-century, academic
Vibes: intimate, suspenseful, thought-provoking
Tropes: entrepreneurship, overcoming-obstacles
Setting: California
Period: 1980
231 pages · Kindle Edition · The University of Chicago Press