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Vertex Pharmaceuticals history
Vertex Pharmaceuticals company history timeline
In business since 1989, Vertex has only two minor HIV drugs to its credit and has never turned a profit, but the company has great expectations for two of its hepatitis C drugs in clinical trials, and also has a number of cancer drugs in the pipeline.
Vertex was founded in 1989 by Joshua Boger and Kevin J. Kinsella to "transform the way serious diseases are treated."
In 1993 Vertex signed collaboration agreements with GlaxoSmithKline and Kissei to develop protease inhibitors to treat HIV infection.
In 1996 Vertex determined the shape of the enzyme: It possessed a shallow pocket, which unfortunately made it difficult to develop an inhibitor to fit it.
In 1998, Vertex initiated its cystic fibrosis research program in collaboration with the Cystic Fibrosis Foundation.
Clinical trials on this drug were launched in 1998, the research also leading to a blocker for a second kinase, which played a role in strokes.
In addition, the company opened a research and development facility in the United Kingdom in 1998.
Vertex saw the launch of its first product in May 1999, Agenerase.
With more than 3,000 employees and with offices in North America, Europe, Australia and Latin America, Vertex Pharmaceuticals, Inc. is considered one of the Top 2000 Largest Public Companies in the World, according to Forbes.
The year also brought some unwanted publicity in the form of the company's former chief lawyer, Andrew S. Marks, who pleaded guilty to insider trading for dumping stock in September 2001, just prior to an announcement that Vertex was halting clinical trials on its arthritis drug.
To this point, all of the growth at Vertex was internal, but in 2001 the company tried its hand at external growth, using nearly $600 million in stock to acquire San Diego, California-based Aurora Biosciences Corp.
Vertex started 2002 with a dozen products in the pipeline and more than $740 million in cash and investments.
In 2003 the company decided on a more prudent course, focusing its resources on products it believed were the most fully developed.
Heuser, Stephen, "Vertex Forges $545 Million Deal with J&J," Boston Globe, July 1, 2006.
Early results were such that Vertex decided to make it one of the key drug development projects in 2006.
Since late 2011, Vertex has ranked among the top 15 best-performing companies on the Standard & Poor's 500.
In January 2014, Vertex completed its move from Cambridge, Massachusetts, to Boston, Massachusetts, and took residence in a new, $800 million complex.
In 2015, Vertex and CRISPR Therapeutics began a research collaboration focused on the use of CRISPR’s gene-editing technology (CRISPR-Cas9) to discover and develop potential new treatments aimed at the underlying genetic causes of human disease.
In 2016, Vertex and Moderna began a research collaboration focused on the discovery and development of messenger Ribonucleic Acid (mRNA) Therapeutics for the treatment of cystic fibrosis (CF).
On 23 January 2019, Ian Smith, the COO and interim CFO of Vertex, was terminated from his position for undisclosed personal behavior that violated established company code of conduct rules.
In September 2019 the company announced it would acquire Semma Therapeutics for $950 million in cash.
Former CEO and president Jeffrey Leiden transitioned to the role of executive chairman of the board of directors, as of 1 April 2020.
For the 12th straight year we’re included on the Science magazine’s Top Employer list, ranking #8 in 2021.
We’re proud to have placed on both the 2021 Seramount (formerly Working Mother) 100 Best Companies list and the Best Companies for Dads list.
Vertex ranked #6 in the Extra Large Employers Category in 2022.
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Vertex Pharmaceuticals competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Johnson & Johnson | 1886 | $88.8B | 134,500 | 1,601 |
| Gilead Sciences | 1987 | $28.8B | 11,800 | 733 |
| Merck | 1891 | $64.2B | 74,000 | 1,772 |
| Amgen | 1980 | $33.4B | 22,000 | 633 |
| Regeneron | 1988 | $14.2B | 9,123 | 324 |
| Sanofi Genzyme | 1981 | $4.6B | 12,000 | - |
| Pfizer | 1849 | $63.6B | 78,500 | 561 |
| Novartis | 1996 | $51.7B | 110,000 | 364 |
| Boehringer Ingelheim | 1984 | $17.2B | 52,391 | 386 |
| Bristol-Myers Squibb | 1887 | $48.3B | 30,000 | 2,172 |
Vertex Pharmaceuticals history FAQs
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Vertex Pharmaceuticals may also be known as or be related to Vertex Pharmaceuticals, Vertex Pharmaceuticals Inc, Vertex Pharmaceuticals Incorporated, Vertex Pharmaceuticals, Inc and Vertex Pharmaceuticals, Inc.