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Roche to take over Genentech in $47 bn deal

Roche to take over Genentech in $47 bn deal
AP
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First Published: Thu, Mar 12 2009. 01 37 PM IST
Updated: Thu, Mar 12 2009. 01 37 PM IST
Basel: Roche says it has agreed with Genentech to buy remaining shares of the U.S.-based company for $46.8 billion, in a takeover described as the largest in Swiss corporate history.
The deal announced Thursday for $95 a share of outstanding Genentech stock ends a long struggle between the Basel-based pharmaceutical giant and the board of its cancer-drug partner Genentech.
Roche, which already owns 56% of Genentech stock, had increased its bid to $93 per share last Friday after its $86.50-per-share offer failed to pick up support from shareholders of the California-based company.
Originally Roche had offered $89 per share but the Genentech board rejected that as too low.
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First Published: Thu, Mar 12 2009. 01 37 PM IST