On Apr. 7, 1976, Genentech was founded by venture capitalist Robert Swanson and biochemist Dr. Herbert Boyer. In the early 1970s, Boyer and geneticist Stanley Cohen at Stanford University pioneered recombinant DNA technology.

Within a few short years Swanson and Boyer invented a new industry – biotechnology. In 1980, Genentech issued its Initial Public Offering (IPO) and raised $35 million with an offering that jumped from $35 a share to a high of $88 after less than an hour on the market. This event was one of the largest stock run-ups ever, and that event set the stage for future biotechnolgy industry offerings.