History
Genmab was founded as a European spin-off of American Biotech company Medarex in February 1999. Danish investment firm BankInvest, under Florian Schönharting, provided the seed investment for the company to start up in Copenhagen. Like Medarex, Genmab began work producing monoclonal antibodies for life-threatening or debilitating diseases. Rising quickly in the Biotech world, Genmab attracted many investors, especially venture capital firms. The company went public in October 2000, earning DKK 1.56 billion, and had a second public offering in January 2006, yielding DKK 800 million.
The company's initial R&D location was a nine-story building in Utrecht Science Park, in the Netherlands; this was replaced with an "R&D Center" also in Utrecht, in June 2018. By mid-2019, this new facility was at capacity, and plans were set afoot to build an adjacent, connected facility.
By 2001, Medarex and Genmab had come back together in a drug development partnership, which highlighted the manufacturing deficit and clinical development expertise of Genmab relative to Medarex.[10]
In 2005, the Biotechnology Industry Organization (BIO) and the Long Island Life Sciences Initiative honored Genmab with a James D. Watson Helix Award.[11]
2008 saw the company purchasing a 22,000-litre, 36-acre antibody manufacturing plant in Brooklyn Park, Minnesota from PDL BioPharma, with plans to retain all 170 employees thereat.[12] However, the company ran into financial trouble originating from several quarters, and a decision to sell the facility was reached in late 2009, after Genmab had started producing development scale batches from the facility. During the 2008 financial crisis, GlaxoSmithKline exited oncology, which impacted co-development of ofatumumab, an oncology-directed product. In tandem with the sale of the plant, the company reorganized and planned to dismiss about 300 employees. Selling the facility was difficult due to the Great Recession; by 2012, Genmab wrote-off the entire facility from the company's balance sheets. A sale of the facility to Baxter International came in February 2013.
Following the failed strategy of in-housing manufacturing, Genmab chose to thereafter completely outsource both manufacturing and the conduct of clinical trials.
The Company's first product, Arzerra (ofatumumab) reached the US market in 2009 for refractory chronic lymphocytic leukemia.[13]
Executive history
Lisa N. Drakeman, Ph.D. had been a vice president at Medarex and wife of Donald Drakeman, Medarex's CEO and President at the time. Drakeman was one of Genmab's co-founders and was appointed chief executive officer (CEO) of the company upon incorporation in 1999, also joining the board of directors. As of 2002, Drakeman remained in the CEO role,[14] but by 2010 she had announced her retirement.
In 2010, Jan Van de Winkel, a co-founder of the firm, was appointed as President and CEO of Genmab.[15] Since the company started in 1999, he had been Genmab's chief scientific officer (CSO); he had concurrently served as head of research, then president of R&D.[15] As of 2019, Van de Winkel remained CEO of the firm.[15] Van de Winkel is a scientist, having produced more than 300 publications during his career.[15]
