Genetics Institute Mementos: A Slide Show

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The Genetics Institute Impact — Here’s a copy of a company memo, dated Aug. 2, 1993, in which CEO Gabe Schmergel sent a note with the subject line “Genetics Institute Becomes a Billion-Dollar Company!” He notes that the company’s market valuation exceeded $1 billion that day when the stock closed at $38 3/8 (yes, they used fractions back then). He does temper his enthusiasm a bit in the note, however, saying “our market valuation may well drop below $1 billion again as the stock market is volatile and is influenced as much by unrelated events and perceptions as by individual company fundamentals.”

Author: Luke Timmerman

Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.