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Business Briefing / Pharmaceuticals

Roche bids for rest of Genentech

February 10, 2009|Times Wire Reports

Swiss drug maker Roche officially launched its $42-billion hostile offer for the 44% of Genentech Inc. it doesn't already own.

As expected, Roche said it would pay $86.50 a share for all remaining publicly held shares of Genentech, the developer of Avastin and other groundbreaking cancer treatments. Roche, which is based in Basil, Switzerland, already holds a 56% stake in Genentech of South San Francisco.

Roche said its new offer was aimed directly at shareholders, bypassing the board. The offer is significantly lower than the $100-per-share value analysts had been touting for several months. Shares of Genentech fell 30 cents to $82.70.

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