Insulin & Innovation: The story of ZymoGenetics
March 2007
Insulin & Innovation: The story of ZymoGenetics
Special Interview with Bruce Carter
Insulin & Innovation: The story of ZymoGenetics
This month, Fintan Walton, talks to Bruce Carter, CEO of ZymoGenetics, about the story behind the development and growth of ZymoGenetics. He discusses the company’s fascinating 26-year history and its worldwide impact on insulin. The interview also covers the factors influencing successful innovation and the implications of big pharma working with, or acquiring, biotechs.
Bruce describes the significant role that Novo Nordisk played in ZymoGenetics’ position today, explaining that ZymoGenetics, although successful scientifically, was in managerial disarray. The company was led by six presidents in just five years, resulting in the business being starved of capital. Novo Nordisk acquired the company in 1988 and divested it 12 years later. Bruce also gives his view on how big pharmaceutical companies should approach acquiring a biotechnology company. Using the analogy of choosing a spouse, Bruce argues that, if you initially find something attractive, do not set out to change that.
Fintan also questions Bruce on what he thinks is the best culture for innovation, to which Bruce responds that naivety is key. For example, he argues that bureaucracy is not the real reason why innovation is more difficult in a large pharma company, rather that, because they are so big, there is always someone, somewhere who has a perfectly rational reason for why something will not work. Finally, Bruce outlines ZymoGenetics’ future, with regards to therapy area and potential acquisitions.
About Bruce Carter
Dr Bruce Carter joined ZymoGenetics in 1986 as Vice President of Research and Development. After a period as Corporate Executive Vice President and Chief Scientific Officer with Novo Nordisk A/S, Bruce became Chief Executive Officer of ZymoGenetics in April 1998. Earlier in his career he worked at G.D. Searle & Co and was a Lecturer at Trinity College University of Dublin.
About ZymoGenetics
ZymoGenetics is a protein-focused biotechnology company based in Seattle, WA, US. Three university professors founded the company in 1981 and, in 1988, it was acquired by Novo Nordisk, becoming a wholly owned subsidiary for 12 years. During this period ZymoGenetics contributed to the development of several of Novo Nordisk's current products.
In November 2000, ZymoGenetics was re-established as an independent biotechnology company, raising US$150 million in a private placement financing. Subsequently, ZymoGenetics completed an initial public offering and, on 1 February 2002, began trading on the Nasdaq stock exchange.
