August 14, 2008
Genentech Says ‘No’ to Roche
Swiss pharmaceutical behemoth Roche will have to dig deeper into its pockets if it wants to own all of Genentech Inc., which rejected its $43.7 billion offer.
Analysts said that's exactly what they expect Roche to do after the South San Francisco company turned down its $89-a-share tender Wednesday, The New York Times reported.
Genentech's shares closed the day at $98.37 and some analysts now think Roche, which owns just under 56 percent of Genentech, may have to pay in the $100-$105 range, the Times reported. However, a Roche spokeswoman said the company still thinks its initial offer is "fair and generous."