Genset Corporation
Encyclopedia
Genset, a biotechnology
company, was established in 1989 in Paris
, France
with Pascal Brandys
as its first president.
Genset was listed on the NASDAQ
and the Paris Bourse
(now NYSE Euronext) in 1996. Genset rapidly became the European flagship
company in the field of genomics
and became the second largest biotechnology company in Europe
in 1999. At that time, the company reported identifiable assets of EUR 80.9 million and had subsidiaries in the United States, Japan, Singapore, and Australia. Genset was a pioneer in private human genome
research. In 1994, Genset started the first large scale program to analyze the regulatory sequence
s of the human genome and in 1997 also initiated the construction of a map of single nucleotide polymorphisms as a tool to accelerate the discovery
of genes
associated with diseases. The company also created the business model
of pharmacogenomics
and started the first pharmacogenomics research program in the world in collaboration with Abbott Laboratories
in 1997.
After 2000 Genset changed its strategy
to focus on drug development
, leading to the departure of its president and other founders. The strategy shift proved unsuccessful and Genset was acquired by Serono
of Switzerland
in 2002, now part of Merck Serono
.
Biotechnology
Biotechnology is a field of applied biology that involves the use of living organisms and bioprocesses in engineering, technology, medicine and other fields requiring bioproducts. Biotechnology also utilizes these products for manufacturing purpose...
company, was established in 1989 in Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
with Pascal Brandys
Pascal Brandys
Pascal Brandys is a French engineer and entrepreneur. He is a graduate of the École Polytechnique and he received his M.S. in Economic Systems from Stanford University in 1982. He began his career in venture capital first in Tokyo and then in London, where he contributed to the first wave of...
as its first president.
Genset was listed on the NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
and the Paris Bourse
Paris Bourse
The Paris Bourse is the historical Paris stock exchange, known as Euronext Paris from 2000 onwards.-History and functioning:...
(now NYSE Euronext) in 1996. Genset rapidly became the European flagship
Flagship
A flagship is a vessel used by the commanding officer of a group of naval ships, reflecting the custom of its commander, characteristically a flag officer, flying a distinguishing flag...
company in the field of genomics
Genomics
Genomics is a discipline in genetics concerning the study of the genomes of organisms. The field includes intensive efforts to determine the entire DNA sequence of organisms and fine-scale genetic mapping efforts. The field also includes studies of intragenomic phenomena such as heterosis,...
and became the second largest biotechnology company in Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
in 1999. At that time, the company reported identifiable assets of EUR 80.9 million and had subsidiaries in the United States, Japan, Singapore, and Australia. Genset was a pioneer in private human genome
Human genome
The human genome is the genome of Homo sapiens, which is stored on 23 chromosome pairs plus the small mitochondrial DNA. 22 of the 23 chromosomes are autosomal chromosome pairs, while the remaining pair is sex-determining...
research. In 1994, Genset started the first large scale program to analyze the regulatory sequence
Regulatory sequence
A regulatory sequence is a segment of DNA where regulatory proteins such as transcription factors bind preferentially. These regulatory proteins bind to short stretches of DNA called regulatory regions, which are appropriately positioned in the genome, usually a short distance 'upstream' of the...
s of the human genome and in 1997 also initiated the construction of a map of single nucleotide polymorphisms as a tool to accelerate the discovery
Discovery (observation)
Discovery is the act of detecting something new, or something "old" that had been unknown. With reference to science and academic disciplines, discovery is the observation of new phenomena, new actions, or new events and providing new reasoning to explain the knowledge gathered through such...
of genes
Gênes
Gênes is the name of a département of the First French Empire in present Italy, named after the city of Genoa. It was formed in 1805, when Napoleon Bonaparte occupied the Republic of Genoa. Its capital was Genoa, and it was divided in the arrondissements of Genoa, Bobbio, Novi Ligure, Tortona and...
associated with diseases. The company also created the business model
Business model
A business model describes the rationale of how an organization creates, delivers, and captures value...
of pharmacogenomics
Pharmacogenomics
Pharmacogenomics is the branch of pharmacology which deals with the influence of genetic variation on drug response in patients by correlating gene expression or single-nucleotide polymorphisms with a drug's efficacy or toxicity...
and started the first pharmacogenomics research program in the world in collaboration with Abbott Laboratories
Abbott Laboratories
Abbott Laboratories is an American-based global, diversified pharmaceuticals and health care products company. It has 90,000 employees and operates in over 130 countries. The company headquarters are in Abbott Park, North Chicago, Illinois. The company was founded by Chicago physician, Dr....
in 1997.
After 2000 Genset changed its strategy
Strategy
Strategy, a word of military origin, refers to a plan of action designed to achieve a particular goal. In military usage strategy is distinct from tactics, which are concerned with the conduct of an engagement, while strategy is concerned with how different engagements are linked...
to focus on drug development
Drug development
Drug development is a blanket term used to define the process of bringing a new drug to the market once a lead compound has been identified through the process of drug discovery...
, leading to the departure of its president and other founders. The strategy shift proved unsuccessful and Genset was acquired by Serono
Serono
Serono is a biotechnology company headquartered in Geneva, Switzerland. The company was founded as the Serono Pharmacolodgical Institute by Cesare Serono in 1906 in Italy. A key step in its development was the discovery of a method of extracting urinary gonadotropins by Dr Piero Donini allowing...
of Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
in 2002, now part of Merck Serono
Merck Serono
Merck Serono is a pharmaceutical company headquartered in Geneva, Switzerland. In September 2006, Merck KGaA announced its intent to purchase the majority of Serono shares from Ernesto Bertarelli and the Bertarelli family. The Merck-Serono merger was announced on September 21, 2006...
.