At the October 2001 annual biotech CEO conference in Laguna Niguel, Amgen Inc. CEO Kevin Sharer told the crowd that biotech acquisitions were, in general, not a particularly good idea. Executives who were there say Sharer argued then that biotechs could fare better by marketing their own products, rather than spending the energy buying and integrating companies.
At the time, Amgen had just received approval for Aranesp, the second-generation version of the red blood-cell stimulating protein erythropoeitin,...
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