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Abstract
Although Immunex has developed a large patent portfolio, this has not secured the company a substantial stream of sales or licensing income. The Company's main recombinant product, based on granulocyte macrophage-colony stimulating factor (GM-CSF), is the subject of patent interference proceedings. In addition, several of its products that are currently in development are based on interleukins (ILs), one of the most heavily patented areas in biotechnology. Developing successful drugs based on recombinant human proteins is highly dependent on strong patent protection. The Company's merger with a subsidiary of American Cyanamid and the subsequent equity acquisition by American Home Products have helped the Company to reduce its financial losses. Whether this support will translate into more successful product development remains to be seen.