In 1978, Hybritech was founded by cancer researcher Ivor Royston and lab technician Howard Birndorf of the University of California, San Diego, becoming San Diego’s first biotechnology company.

Hybritech issued its Initial Public Offering in 1981 and raised $12 million, and $33 million in a secondary offering in 1982. The company was acquired by Eli Lilly in 1986.