Veins of gold

27 February 2004 By Robert Cyran Follow @rob_cyran

Investors have got that message sort of. But they still seem to be seriously underestimating Avastin’s potential. Estimates of $1bn$2bn a year in peak sales look low. It could easily be double that.

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US regulators have approved the drug Avastin for colon cancer. The drug was developed by Roche's separatelyquoted American subsidiary Genentech. Roche expects European regulatory approval later this year. It is the first drug for the treatment of cancer that works by cutting off the blood supply to tumours.

Genentech will sell the drug in America and has licensed Roche to sell the drug outside the US. Roche has agreed to pay a royalty to Genentech in exchange for selling the drug. The Swiss group consolidates Genentech's financial results due to the 59% stake it holds in the American biotech.

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