Back story.
Genentech said late yesterday it plans to buy biotechnology company Tanox for about $919 million.
Genentech and Tanox have been working together with Novartis since 1996 to develop and commercialize Xolair, a monoclonal antibody approved by the FDA in 2003 as a treatment for patients with moderate-to-severe allergic asthma.
As part of the deal, Genentech will also acquire Tanox's product pipeline.
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