Genentech Subpoenaed on Rituxan

The U.S. attorney in Pennsylvania wants information for a marketing probe.

Author:: TSC Staff
Publish date:: Oct 5, 2004 7:35 AM EDT

Biotech investors were on edge after

Genentech

(DNA)

disclosed that it has received a subpoena concerning the marketing of the industry's biggest drugs.

Genentech said in a brief press release late Monday that the U.S. attorney in eastern Pennsylvania subpoenaed documents about Rituxan, which treats non-Hodgkin's lymphoma and is being considered for other treatments. Rituxan is sold in the U.S. through a joint venture between Genentech and

Biogen-Idec

(BIIB) - Get Report

"Genentech plans to cooperate with the investigation, which is both civil and criminal in nature," the company said in a release.

In July, Genentech said sales of Rituxan rose 17% in the second quarter from a year ago to $424.7 million.

Genentech closed at $53.99 Monday, up 15% since the start of the year and up 227% from the start of 2003.