January 30, 2009
Roche to launch tender for Genentech
Swiss pharmaceutical giant Roche said it would initiate a tender offer to take over U.S. biotechnology company Genentech.
TheStreet.com reported Friday that Roche will offer $86.50 a share, as it tries to pick up the 44.2 percent of Genentech it does not already own.
Genentech's board turned down an offer in July valued at $89 a share.
The hostile move follows Pfizer's announcement earlier this week that it had agreed to buy Wyeth for $68 billion.
In light of the lack of progress towards an agreed transaction since then (July), Roche has now decided to make an offer directly to Genentech shareholders, Roche said in a statement.