Roche makes $43.7bn takeover bid for Genentech

21 July 2008 10:24  [Source: ICIS news]

LONDON (ICIS news)--Roche has offered to acquire the remainder of San Francisco-based cancer drugs firm Genentech for $43.7bn (€27.6bn), the Swiss pharmaceutical group said on Monday.

 

Roche, which already owns 56% of the company, has offered Genentech shareholders $89 per share for the remaining stake.

 

The acquisition was expected to create annual pre-tax synergies of $750m-850m and create the seventh largest US drug maker by market share, Roche said.

 

It was unclear whether Genentech shareholders would accept the offer, which represented an 8.8% premium on Friday's closing share price.

 

Meanwhile, Roche posted a second quarter net income of Swiss franc (Swfr) 5.73bn ($5.6bn) - a 2% drop on last year’s figure due to negative currency effects.

 

The company’s sales fell by 4% in the Swiss currency to Swfr22bn, but rose 4% measured in local currencies.

 

($1 = €0.63, Swfr1.02)

By: Mark Watts
+44 20 8652 3214

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