Genentech receives proposal from Roche

Source: Healthcare Digital

Date :21/07/2008 05:19:33

Genentech Inc said July 21, that Roche Holding AG has offered to acquire all of the outstanding shares in the biotechnology company.

Roche owns approximately 55.9 percent of the outstanding shares of San Francisco-based Genentech.

The Swiss drugmaker has offered to acquire all of the outstanding shares of Genentech stock at a price of US$89 in cash per share.

The offer is a nine percent premium to Genentech closing share price on Friday, July 18.

Genentech said that a special committee of its board of directors will “be convened promptly to determine what action to take with respect to the proposal”.