Aides: Chavez in tough fight, may miss swearing-in






CARACAS, Venezuela (AP) — Somber confidants of President Hugo Chavez say he is going through a difficult recovery after cancer surgery in Cuba, and one close ally is warning Venezuelans that their leader may not make it back for his swearing-in next month.


Information Minister Ernesto Villegas said Wednesday night that Chavez was in “stable condition” and was with close relatives in Havana. Reading a statement, he said the government invites people to “accompany President Chavez in this new test with their prayers.”






Villegas expressed hope about the president returning home for his Jan. 10 swearing-in for a new six-year term, but said in a written message on a government website that if Chavez doesn’t make it, “our people should be prepared to understand it.”


Villegas said it would be irresponsible to hide news about the “delicateness of the current moment and the days to come.” He asked Venezuelans to see Chavez’s condition as “when we have a sick father, in a delicate situation after four surgeries in a year and a half.”


Moving to prepare the public for the possibility of more bad news, Vice President Nicolas Maduro looked grim when he acknowledged that Chavez faced a “complex and hard” process after his latest surgery.


At the same time, officials sought to show a united front amid the growing worries about Chavez’s health and Venezuela’s future. Key leaders of Chavez’s party and military officers appeared together on television as Maduro gave updates on Chavez’s condition.


“We’re more united than ever,” said Maduro, who was flanked by National Assembly President Diosdado Cabello and Oil Minister Rafael Ramirez, both key members of Chavez’s inner circle. “We’re united in loyalty to Chavez.”


Analysts say Maduro could eventually face challenges in trying to hold together the president’s diverse “Chavismo” movement, which includes groups from radical leftists to moderates, as well as military factions.


Tapped by the 58-year-old president over the weekend as his chosen political heir, Maduro is considered to be a member of radical left wing of Chavez’s movement that is closely aligned with Cuba’s communist government.


Cabello, a former military officer who also wields power within Chavez’s movement, shared the spotlight with Maduro by speaking at a Mass for Chavez’s health at a military base.


Just returned from being with Chavez for the operation, Cabello called the president “invincible” but said “that man who is in Havana … is fighting a battle for his life.”


After Chavez’s six-hour operation Tuesday, Venezuelan television broadcast religious services where people prayed for Chavez, interspersed with campaign rallies for upcoming gubernatorial elections.


On the streets of Caracas, people on both sides of the country’s deep political divide voiced concerns about Chavez’s condition and what might happen if he died.


At campaign rallies ahead of Sunday’s gubernatorial elections, Chavez’s candidates urged Venezuelans to vote for pro-government candidates while they also called for the president to get well.


“Onward, Commander!” gubernatorial candidate Elias Jaua shouted to a crowd of supporters at a rally Wednesday. Many observers said it was likely Chavez’s candidates could get a boost from their supporters’ outpouring of sympathy for Chavez.


Opposition leader Henrique Capriles, who lost to Chavez in the October presidential election and is running against Jaua, complained Wednesday that Chavez’s allies are taking advantage of the president’s health problems to try to rally support. He took issue with Jaua’s statement to supporters that “we have to vote so that the president recovers.”


Maduro looked sad as he spoke on television, his voice hoarse and cracked at times after meeting in the pre-dawn hours with Cabello and Ramirez. The pair returned to Venezuela about 3 a.m. after accompanying Chavez to Cuba for his surgery.


“It was a complex, difficult, delicate operation,” Maduro said. “The post-operative process is also going to be a complex and hard process.”


Without giving details, Maduro reiterated Chavez’s recent remarks that the surgery presented risks and that people should be prepared for any “difficult scenarios.”


The constitution says presidents should be sworn in before the National Assembly, and if that’s not possible then before the Supreme Court.


Former Supreme Court magistrate Roman Duque Corredor said a president cannot delegate the swearing-in to anyone else and cannot take the oath of office outside Venezuela. A president could still be sworn in even if temporarily incapacitated, but would need to be conscious and in Venezuela, Duque told The Associated Press.


If a president-elect is declared incapacitated by lawmakers and is unable to be sworn in, the National Assembly president would temporarily take charge of the government and a new presidential vote must be held within 30 days, Duque said.


Chavez said Saturday that if an election had to be held, Maduro should be elected president.


The dramatic events of this week, with Chavez suddenly taking a turn for the worse, had some Venezuelans wondering whether they were being told the truth because just a few months ago the president was running for his fourth presidential term and had said he was free of cancer.


Lawyer Maria Alicia Altuve, who was out in bustling crowds in a shopping district of downtown Caracas, said it seemed odd how Maduro wept at a political rally while talking about Chavez.


“He cries on television to set up a drama, so that people go vote for poor Chavez,” Altuve said. “So we don’t know if this illness is for that, or if it’s that this man is truly sick.”


Some Chavez supporters said they found it hard to think about losing the president and worried about the future. His admirers held prayer vigils in Caracas and other cities this week, holding pictures and singing hymns.


Chavez has undergone four cancer-related surgeries since June 2011. He has also undergone months of chemotherapy and radiation treatments. Throughout his treatments, Chavez has kept secret some details of his illness, including the exact location and type of the tumors.


Ecuadorean President Rafael Correa wished his close ally the best, while also acknowledging the possibility that cancer might end his presidency. “Chavez is very important for Latin America, but if he can’t continue at the head of Venezuela, the processes of change have to continue,” Correa said at a news conference in Quito.


___


Associated Press writer Christopher Toothaker contributed to this report.


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Lidl Christmas dinner offer goes viral on Twitter






BRUSSELS (Reuters) – Discount retailer Lidl faces a 200,000-euro ($ 260,000) Christmas dinner bill after an offer of chicken vol-au-vents and ice cream cake for the poor went viral.


The supermarket launched a Twitter campaign in Belgium on Monday, saying it would hand out five four-course Christmas dinners to food banks for each tweet on a hash tag.






Lidl had expected to hand out about 1,000 of the 20-euro dinner packs, consisting of tomato soup, vol-au-vents with chips, an ice-cream cake and chocolates, a spokesman for the German-based company’s Belgium unit said on Wednesday.


But local newspapers wrote about the offer and people retweeted using the hash tag – #luxevooriedereen, Dutch for “luxury for everyone”.


By the end of the 24-hour campaign, 1,500 people had tweeted, meaning Lidl has to deliver 7,500 dinners. That sparked reports the supermarket had been caught out by its campaign.


To quash such talk, Lidl rounded up the number of dinners to 10,000, and branded the campaign a success.


Lidl said it had not yet decided whether to repeat the exercise next year.


“We’ve learnt quite a few lessons over the past 48 hours, to say the least,” the spokesman said.


($ 1 = 0.7693 euros)


(Reporting By Ben Deighton. Editing By Sebastian Moffett.)


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GOP advisor: 'Let the fiscal cliff happen'



As politicians, businessmen and ordinary citizens brace for spending cuts and tax hikes in the new year, a long-term Republican advisor says the U.S. should take the "fiscal cliff" plunge.


"Let the fiscal cliff happen and reduce the deficit very substantially as a consequence,"says Bruce Bartlett, author of The Benefit and Burden: Tax Reform--Why We Need It and What It Will Take. The combination of spending cuts and tax hikes will eventually strengthen the economy he says, citing CBO analysis.


In contrast, Republicans' refusal to raise taxes would hurt the economy in the long run, Bartlett argues.


Related: Higher Taxes Will Create Jobs and Cut the Deficit: David Cay Johnston


Bartlett, a former advisor to Presidents Ronald Reagan and George H.W. Bush and Congressman Ron Paul, explains why the GOP tax pledge has harmful consequences for the economy. Government spending will rise over the coming decades as more baby boomers retire. But if tax revenues don't keep pace with spending, the federal government will be forced to increase borrowing, which will increase interest payments on the debt.


According to Bartlett, a GAO report projects that the Republican plan to keep revenues at just under 18% of GDP will cause interest on the debt to surge from 19.2% of the deficit this year to 62% in 2020.


Related: Fiscal Cliff Deal Likely but U.S> at Risk of "Looking Ridiculous," Rivlin Says


Bartlett is not advocating big spending increases --- he'd rather trim spending-- but he says revenues must keep up with spending. Going over the fiscal cliff is a move in that direction because revenues would rise as the Bush-era tax cuts expire for everyone, not just the top 2%, at the same that spending is reduced.


"Revenues are too low rather than spending too high," he tells The Daily Ticker's Aaron Task.


Bartlett doesn't know if and when Republicans and Democrats will agree to fiscal cliff deal, but he predicts that any deal will not happen "before the absolute last possible minute." Stay tuned.


Follow The Daily Ticker on Facebook!


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Why the Fed Deserves Credit for the Economic Recovery


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Britney Spears, Taylor Swift are top-earning women in music






NEW YORK (Reuters) – Pop star Britney Spears edged past Taylor Swift to claim the title of top-earning woman in music after bringing in an estimated $ 58 million from her album, endorsements and a perfume in the past year, Forbes said on Wednesday.


Country-pop singer Swift, 22, was a close second with an estimated $ 57 million paycheck thanks to her tour – which made more than $ 1 million each night – a contract with CoverGirl cosmetics, her own line of fragrances and her new album “Red.”






R&B star Rihanna, 24, earned an estimated $ 53 million to put her at No. 3, two places up from last year, followed by Lady Gaga, 26, who slipped from No. 1 in 2011 to fourth place with $ 52 million.


Katy Perry, 28, the only musician other than Michael Jackson to produce five No. 1 hit singles from one album, rounded out the top five with about $ 45 million in earnings.


“I think people love the comeback story – Britney never really finished her run as a superstar,” Steve Stoute, marketing expert and author of “The Tanning of America” told Forbes.


Spears, 31, who was No. 10 last year, earned most of her money from her latest album “Femme Fatale” and her tour, according to Forbes, which compiled the list with estimated earnings from May 2011 to May 2012.


In September, Spears became a judge on the reality TV singing show “The X Factor,” reportedly for $ 15 million.


Despite their huge incomes, only eight of the top women music earners were among the 25 best-paid musicians, which Forbes attributes in part to career breaks to have children.


Madonna made the list in ninth place with an estimated $ 30 million in earnings, which did not include profits from her latest tour because it was outside the time period considered for the ranking.


Forbes compiled the list after estimating pretax income based on record sales, touring information merchandise sales and interviews with concert promoters, lawyers and managers.


The full list can be found at http://www.forbes.com/sites/zackomalleygreenburg/2012/12/12/the-top-earning-women-in-music-2012/


(Reporting by Patricia Reaney; Editing by Nick Zieminski and Maureen Bavdek)


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Canada not changing tests for meat exports to Russia






WINNIPEG, Manitoba (Reuters) – Canada is not developing new tests for the feed additive ractopamine in beef and pork exports to Russia, Agriculture Minister Gerry Ritz said on Tuesday, but is leaving shippers to take their own steps to satisfy the new Russian requirement for zero residue.


The Canada Pork International marketing group said on Friday that the Canadian Food Inspection Agency has provided meat processors with testing guidelines for ractopamine, a drug used to make meat leaver. However, a spokesman for the federal Agriculture Department said the government is only making exporters aware of Russia’s requirements.






“At this point, we’re making sure the Russians understand this is not science-based,” Ritz said at an unrelated news conference in Winnipeg. “There is an agreement around the world that ractopamine is a safe and usable product.”


Canada has asked Russia to delay its requirement into February, he said.


Russia is requiring pork and beef imported from the United States and Canada to be tested and certified free of ractopamine as of December 7.


If Canadian exporters wish to export meat to Russia, they are responsible to test each shipment for ractopamine in an accredited laboratory, an Agriculture Department spokesman said.


(Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Gerald E. McCormick and Leslie Adler)


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Australian prank call radio to donate profits to nurse’s family






CANBERRA (Reuters) – The Australian radio station behind a prank call to a British hospital will donate its advertising revenue until the end of the year to a fund for the family of the nurse who apparently took her own life after the stunt, the company said on Tuesday.


Southern Cross Austereo, parent company of Sydney radio station 2Day FM, said it would donate all advertising revenue, with a minimum contribution of A$ 500,000 ($ 525,000), to a memorial fund for the nurse, Jacintha Saldanha, who answered the telephone at the hospital treating Prince William’s pregnant wife, Kate.






The company has suspended the Sydney-based announcers, Mel Greig and Michael Christian, scrapped their “Hot 30″ programme and suspended advertising on the station in the wake of the Saldanha’s death. Southern Cross said it would resume advertising on its station from Thursday.


“It is a terrible tragedy and our thoughts continue to be with the family,” Southern Cross Chief Executive Officer Rhys Holleran said in a statement.


“We hope that by contributing to a memorial fund we can help to provide the Saldanha family with the support they need at this very difficult time.”


(Reporting by James Grubel; Editing by Robert Birsel)


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WebMD to cut 14 percent of workforce to reduce expenses






(Reuters) – Health information website WebMD Health Corp said it will cut around 250 jobs, or 14 percent of its workforce, to reduce costs.


The company, which had about 1700 employees according to Thomson Reuters data, said it would take a charge of about $ 6 million to $ 8 million in the fourth quarter, primarily on severance and other restructuring-related costs.






WebMD, which is a popular and long-trusted destination for checking health and disease related information, has lost its sheen for investors in recent times as it struggled to convert its growing user base into a steady revenue stream.


The company named a former Pfizer Inc executive Cavan Redmond as CEO earlier this year, entrusting the industry veteran with the task of reviving the website’s flagging business.


Its previous CEO, Wayne Gattinella, resigned after the company took itself off the auction block in January.


WebMD also said on Tuesday that it plans to streamline its operations and focus resources on increasing user engagement, customer satisfaction and innovation, and expects these efforts to reduce annualized operating expenses by about $ 45 million.


While most of the job cuts will be effective at the end of the year, other cost saving actions will be implemented in the first quarter of 2013, the company said in a statement.


The company reported a third-quarter loss in November, compared with a profit in the year-ago quarter, and said revenue fell 13 percent.


WebMD’s shares, which have lost nearly 40 percent of their value over the past six months, were down about 2 percent in premarket trade. They closed at $ 13.85 on Monday on the Nasdaq.


(Reporting by Esha Dey in Bangalore; Editing by Roshni Menon)


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Thousands protest Mich. right-to-work law


LANSING, Michigan (Reuters) - More than 12,000 workers from throughout Michigan and the U.S. Midwest crowded into the state Capitol and marched outside in freezing temperatures on Tuesday as the legislature began debating a "right-to-work" law restricting unions in a stronghold of organized labor.


Michigan State Police Inspector Gene Adamczyk said the Capitol building was closed to visitors when it reached capacity of 2,200. An estimated 10,000 people demonstrated outside.


Protesters lined the railings of the inner rotunda of the Capitol in Lansing as the Republican-majority Michigan House of Representatives began debate on a law that would strike a heavy blow against unions by prohibiting them from compelling workers to be members and pay dues.


The pro-union forces earlier had chanted "Hey hey, ho ho, right-to-work has got to go," and "What's disgusting, union busting," inside the building where police had arrested eight protesters last Thursday as Republicans gave preliminary approval to the laws.


Supporters of the right-to-work legislation also were inside the Capitol and on the grounds nearby, although they were heavily outnumbered by opponents. Security was tight with police dressed in riot gear, carrying long batons and with spray canisters on their belts.


Outside, where a nearby bank sign showed the temperature at 25 degrees Fahrenheit (-4 Celsius) and light snow fell, four inflatable rats dubbed the "Rat Pack" depicted Republican Governor Rick Snyder and the party leaders who have led the right-to-work effort.


A man dressed as Santa Claus stood on the Capitol steps holding a sign saying that Republicans had stolen Christmas.


The show of force by unionized workers recalled huge rallies in Wisconsin two years ago when Republicans voted to curb public sector unions.


Several school districts in Michigan were closed as teachers went to Lansing to join the rallies.


Jen Penz, a union steward for teacher aides at Warren Consolidated Schools, said 260 teachers called in sick there, forcing schools to close in the district near Detroit.


"We're not abandoning our students. We're here to protect their future," Penz said. "We're setting a good example for them.


Ann Patnaude, deputy state director for Americans for Prosperity and a supporter of right-to-work, said many people are confused about the issue.


"The unions are still going to be around," she said. "There's still going to be collective bargaining. This is about freedom, the right to choose."


The bills under consideration by the Republican-controlled Michigan House of Representatives on Tuesday would cover private, and public sector unions, except for fire and police. Snyder has pledged to sign the bills quickly.


The right-to-work movement has been growing in the United States in recent years. Indiana earlier this year became the first state in the industrial Midwest to approve right-to-work and several other states are watching the Michigan action closely.


Michigan would become the 24th state to enact right-to-work provisions. Passage of the legislation would be a stunning blow to the power of organized labor in the United States, which has suffered a series of setbacks in recent years.


Wisconsin Republicans in 2011 passed laws severely restricting the power of public sector unions. While Wisconsin did not even attempt to pass right-to-work, the success of Republicans there in curbing powerful unions such as teachers and state workers emboldened politicians in other states to follow suit.


UNION HOTBED


Michigan is home of the heavily unionized U.S. auto industry, with some 700 manufacturing plants in the state. It is also the birthplace of the United Auto Workers, the richest U.S. labor union. Michigan has the fifth highest percentage of unionized workers in the United States at 17.5 percent.


While new Michigan laws would not be expected to have much immediate impact because existing union contracts would be preserved, they could eventually weaken the UAW, which has already seen its influence wane in negotiating with the major automakers.


Right-to-work laws typically allow workers to hold a job without being forced to join a union or pay union dues.


President Barack Obama waded into the debate during a visit to the Daimler Detroit Diesel plant in Redford, Michigan, on Monday, criticizing the Republican right-to-work effort.


"What they're really talking about is giving you the right to work for less money," Obama said.


Labor leaders such as UAW President Bob King say they were blindsided by Snyder, who last Thursday announced he was supporting right-to-work after nearly two years of saying the issue was too divisive.


King was unsuccessful in more than a week of talks with Snyder and his staff in staving off the right-to-work push by the Republicans, who will lose several seats when newly elected members take their seats in the Michigan House and Senate in January.


Detroit area is headquarters for General Motors Co, Ford Motor Co and Chrysler, which is majority owned by Fiat SpA.


(Additional reporting by Robert Carr; Editing by Greg McCune and Bill Trott)



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World Chefs: Keller shares memories, spotlight in latest book






NEW YORK (Reuters) – Thomas Keller, one of America‘s most respected chefs, shares the food memories of his childhood and his time in France in his new book “Bouchon Bakery,” which is also the name of his chain of pastry shops in the United States.


Keller is the only American chef who owns two three-Michelin-star restaurants – Per Se in New York City and The French Laundry in the Napa Valley wine region in California.






Earlier this year, Britain’s Restaurant Magazine named Per Se, which opened in 2004, the world’s sixth best restaurant. Keller also earned the magazine’s lifetime achievement award.


Like his four other books, his latest effort is a collaboration. He co-wrote it with his top pastry chefs Sebastien Rouxel and Matthew McDonald along with food writers Susie Heller, Michael Ruhlman and Amy Vogler.


The 57-year-old spoke to Reuters about the book, his pastry chefs and his place in the culinary world.


Q: Why did you collaborate with the leaders of your pastry team with this book?


A: “If you look at my other cookbooks, it’s always been a point with me to share these opportunities with those who share their skills and expertise with the general public. That was the reason why I did the book. Sebastien is one of the best pastry chefs in America. His techniques are unparalleled. I’m not trying to pretend that I’m a pastry chef by writing a book about baking and pastries. Nor am I trying to be a bread baker. I have Matthew McDonald, who is one of the best bakers in America. To be able to highlight his skills in the bread section was very important as well.”


Q: How did your time in France change your view about pastry and bread-making?


A: “When you are in France, especially in Paris, there were three or four boulangeries of different significance just on the block where I lived because they had pastry chefs with different levels of skills. You went to different ones for different things. To have a fresh baked baguette everyday was extraordinary. Anyone who lived in Paris for any length of time would say eating a fresh baguette is pretty special. Bread plays a real important part in the experience of the diners. To make sure we have the opportunity to significantly impact the experience by controlling the production and style of the bread was very important to me.”


Q: Do you have a favorite dessert?


A: “It depends on the day … There are so many things I love. I think anything that’s done really, really well. For me, that’s really something I really appreciate. I think one of the things that really resonate with the individual is that idea that eating, and eating through that experience, they have a memory. We are always trying to do something that’s good. Why put something on the menu that’s not very good?”


Q: The book emphasizes weighing ingredients over measuring with cups and spoons. Could that be difficult for home cooks?


A: “One of the things about pastry … it’s such an exact process. The most exact thing you practice is with weighing. There is an exactness to the execution, which gives you every opportunity to be successful.”


Q: French Laundry and Per Se are among two of the best restaurants in the country. Bouchon Bakery is a success. What more would you like to accomplish in the culinary world?


A: “I have accomplished today everything I wanted to accomplish, more than I ever dreamed was possible. Right now, I’m just focused on the restaurants we have and the book I just wrote. Let me enjoy this moment before you ask me what I’ll be doing tomorrow.”


Pecan Sandies for my mom (Makes 1-1/2 dozen cookies)


1 ¾ cups + 1 ½ teaspoons all-purpose flour (250 grams)


¾ cup coarsely chopped pecans (80 grams)


4 ounces unsalted butter, at room temperature (170 grams)


¾ cup + 1 ¾ teaspoons powdered sugar (90 grams)


Additional powdered sugar for dusting (optional)


1. Position the racks in the upper and lower thirds of the oven and preheat the oven to 325°F (convection) or 350°F (standard). Line two sheet pans with Silpats or parchment paper.


2. Toss the flour and pecans together in a medium bowl.


3. Place the butter in the bowl of a stand mixer fitted with the paddle attachment and mix on medium-low speed until smooth. Add the 90 grams/¾ cup plus 1¾ teaspoons powdered sugar and mix for about 2 minutes, until fluffy. Scrape down the sides and bottom of the bowl. Add the flour mixture and mix on low speed for about 30 seconds, until just combined. Scrape the bottom of the bowl to incorporate any dry ingredients that have settled there.


4. Divide the dough into 30-gram/1½-tablespoon portions, roll into balls, and arrange on the sheet pans, leaving about 1½ inches between them. Press the cookies into 2-inch disks.


5. Bake until pale golden brown, 15 to 18 minutes if using a convection oven, 22 to 25 minutes if using a standard oven, reversing the positions of the pans halfway through. (Sandies baked in a convection oven will not spread as much as those baked in a standard oven and will have a more even color.)


6. Set the pans on a cooling rack and cool for 5 to 10 minutes. Using a metal spatula, transfer the cookies to the rack to cool completely. If desired, dust with powdered sugar.


Note: The cookies can be stored in a covered container for up to 3 days.


(Reporting by Richard Leong; Editing by Patricia Reaney and James Dalgleish)


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Amgen buys Icelandic gene hunter Decode for $415 million






LONDON (Reuters) – U.S. biotechnology group Amgen Inc has agreed to buy unlisted Decode Genetics, a pioneer in hunting down genes linked to disease, for $ 415 million in cash to boost its drive to develop better targeted drugs.


Founded in 1996, Decode blazed a trail in personal genomics by trawling Iceland’s unique genetic heritage, which has changed little since the Vikings arrived more than 1,000 years ago, to work out the links between gene variants and common diseases.






But it failed to live up to early expectations after going public in 2000 and filed for bankruptcy protection in 2009, weighed down by debts after 13 years of failing to make a profit, before re-emerging as a privately owned company.


Amgen and Decode said on Monday that the transaction did not require regulatory approval and was expected to close before the end of 2012.


As part of Amgen, Decode’s scientists will help in the task of ensuring that experimental medicines hit the right spot. Their know-how should allow Amgen to identify promising new avenues earlier and close down dead-ends more quickly.


“This fits perfectly with our objective to pursue rapid development of relevant molecules that reach the right disease targets, while avoiding investments in programs based on less well-validated targets,” Amgen Chief Executive Robert Bradway said.


PERSONALISED MEDICINE


UBS analysts said that the purchase, which will be funded by cash held offshore, was not surprising given that Amgen has key experimental drugs in its pipeline that were identified by human genetics work, including AMG 145 for heart disease and the bone drug romosozumab.


Understanding the genetic basis of disease has become increasingly important in drug discovery as the pharmaceutical industry shifts to developing personalized medicine that is suited for a patient’s particular genetic profile.


It is an area where Decode has extensive experience and its scientists have published prolifically on genetic mutations linked to a range of diseases including cancer, heart conditions and schizophrenia.


Commercially, however, the Reykjavik-based company has been far less successful. Its drug development programs stalled and its DNA tests for diseases have not brought in much cash.


The acquisition leaves Decode’s diagnostics business facing an uncertain future, with Amgen likely to evaluate this and other parts of the business after the deal closes.


Decode is currently owned by Saga Investments, a consortium including Polaris Venture Partners and ARCH Venture Partners, which bought it out of bankruptcy in 2010.


Polaris general partner Terry McGuire said his group had made a “substantial” return on its investment through the sale to Amgen, but he declined to give details or say if other large drug companies had been invited to bid for business.


CEO STAYS


Decode went public on a wave of euphoria about genetics after U.S. President Bill Clinton announced the completion of a working-draft DNA sequence of the human genome in 2000. Turning that gene promise into new drugs has proved harder and more time-consuming than initially hoped.


McGuire said that Decode’s founder and chief executive Kari Stefansson, a neurologist by training, would continue as president of the company after the Amgen takeover and would be a vice-president of research at the U.S. company.


Other genomics companies have fallen by the wayside over the years, though one Human Genome Sciences has managed to develop the first new drug for lupus in half a century with its partner GlaxoSmithKline (GSK).


GSK bought Human Genome Sciences for $ 3 billion this year, taking advantage of a dip in the U.S. biotech company’s shares. Two people familiar with the situation said in July that Amgen had also offered to buy the business for twice as much in 2010.


(Editing by David Goodman)


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