Based: Denmark
R&D budget: $168 million (€123.01M)
Change from 08: -35.7% 
Income spent on R&D: 145.7%

Genmab had been one of the bright stars in the European biotech universe when it forged a development deal with GSK four years ago for Arzerra. That partnership also made CEO Lisa Drakeman a star in biotech circles as well. But earlier this year Drakeman was out and GSK completely restructured the pact as several analysts speculated that the pharma company might swoop in to buy out Genmab. Those rumors have quieted in the wake of Drakeman's departure.

New CEO Jan van de Winkel has had some success moving the cancer drug zalutumumab toward a European filing, but he expects that Genmab is still a considerable distance from making the same claim in the U.S. And he's looking for a partner to cover a research tab that is likely to run into the hundreds of millions of dollars.

Genmab has continued to invest heavily in R&D. Just weeks ago the company struck a deal to collaborate with the innovative Seattle Genetics using the U.S. company's impressive antibody-drug conjugate technology. Cost pressures, though, forced Genmab to lay off 300 workers throughout its business a year ago, setting the stage for a significant '09 drop in R&D spending. At the time, Genmab's business strategy was to focus more on early-stage cancer drugs and let its partners handle the more expensive late-stage work. That may be less expensive, but it isn't cheap.