Millennium: Genes Are Not Enough

To push forward their gene-based discovery programs, drug firms need qualified targets, not simply genetic information. Millennium is trying to provide these targets—and its signing higher-value deals as a result.

In what is generally an age of skepticism about the prospects for biotech companies, the valuation prizes generally go to companies close to profits.

And no biotech group seems further from profitability than the genomics companies. As Incyte Pharmaceuticals Inc. CFO Denise Gilbert, PhD, points out, “If genomics is giving you valuable information on...

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