Swiss drugmaker Roche announced Monday a $43.7 billion offer for the outstanding shares in biotech company Genentech, to assist its hunt for new medicines. Roche, advised by Davis Polk & Wardwell, plans to offer $89 per share for the 44 percent of Genentech that it doesn't already own -- or 8.8 percent more than the Friday closing price. Genentech has provided Roche with some of its best-selling drugs including cancer treatments Avastin and Herceptin, which Roche markets outside North America.
July 21, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Swiss drugmaker Roche Holding AG announced Monday a $43.7 billion offer for the outstanding shares in biotech company Genentech Inc., to assist its hunt for new medicines.
Roche, based in Basel, Switzerland, plans to offer $89 per share for the 44 percent of Genentech that it doesn’t already own — or 8.8 percent more than the Friday closing price.
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