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Roche offers Genentech $43.7bn for remaining shares

Swiss-based Roche has offered $43.7bn to its US partner, Genentech in return for all remaining shares

Swiss-based Roche has offered $43.7bn to its US partner, Genentech in return for all remaining shares.

Roche already owns 55.9 per cent of Genentech and has offered $89 per share for the remaining stake. The offer represents an 8.8 per cent premium to Genentech's closing price of $81.82 on July 18.

Genentech has announced it anticipates the formation of a special committee, made up of independent directors, to determine what action will be taken in response to the offer.

"Our long and successful participation in Genentech has provided great benefits to both of our companies and shareholders. It has resulted in one of the biggest success stories in the healthcare industry," said Franz Humer, chairman of the board of Roche. "Roche's significant investment in Genentech over many years has helped it to focus on innovation and long-term projects, leading to some of the most important breakthroughs in the treatment of cancer and other life-threatening diseases."

With a leading franchise in oncology and also focusing on immunology, tissue growth and repair and neuroscience, Genentech has one of the most robust and diverse portfolios in biotech.

Roche anticipates that the combined company allowing for diverse approaches in research and early development, while improving the interchange of information between the companies, will lead to enhanced overall innovation.

The new combined company will be the seventh largest US pharmaceutical company by market share, employing around 25,000 staff in the US alone, generating more than $15bn in annual revenues.

21st July 2008

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