Yet Idec had reached a crucial stage in the development of Rituxan, a promising drug for a deadly form of cancer. But we finally got the deal so we could finish the Rituxan trials. It's no coincidence, then, that Idec is one of the most expensive biotech stocks around. The reason for the runup is Rituxan. It's a monoclonal antibody, which means it's much like the proteins produced by the body's immune system but tailored to seek and destroy specific disease-causing agents.
Monoclonal antibodies are one of the wonders of modern drug technology.
At least 10 are expected to be on the market in 2001, and 70 more are in clinical trials. Rituxan has proven so effective in treating the deadly cancer non-Hodgkin's lymphoma that Idec has become, perhaps, the most prized biotech stock in the market today. It's a fair question, given that biotech was the hottest-performing market sector in 2000 and Rituxan might just be the closest thing to a cure for cancer. That would only trigger a sizable yearend capital-gains tax. Not wise, say analysts.