Drug Shows Promise Against Asthma

Genentech Inc. and Novartis’ allergy drug anti-IgE appeared effective during company tests in reducing asthma flare-ups, Genentech said, sending its shares up 10%. South San Francisco-based Genentech and Novartis expect to apply for regulatory approval of the drug, also called E-25, in mid-2000. Analysts said the drug has blockbuster potential because of the number of people who suffer from allergy and asthma. Genentech teamed up with Novartis because it does not have a sales force large enough to market the drug to the thousands of doctors who treat asthma sufferers and allergy patients. Shares of Genentech, which is majority owned by Switzerland’s Roche Holding, jumped $11.38 to close at $125.06 on the NYSE. They’ve gained about 51% this month, fueled by high hopes for the company’s slate of experimental drugs, including anti-IgE.