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Roche Strikes $46.8 Billion Deal for Genentech
Big Pharma’s rapidly accelerating consolidation pattern snowballed yesterday (Thursday) as Roche Holding AG (ADR: RHHBY) struck a deal to buy the remaining shares it didn’t already own of Genentech Inc. (DNA) for $46.8 billion, or $95 each.
The buyout ends a long battle by Basel, Switzerland-based Roche to acquire the U.S. biotech company and its lucrative cancer drugs. When completed, the merger will create a combined company that would be the seventh largest drug firm in the United States by market share, with roughly $17 billion in U.S. annual revenue.
The deal marks the third mega-deal among large pharmaceutical companies this year…
13Mar2009 | Money Morning | 0 comments | Continued
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