All Posts Tagged With: "roche"

Switzerland’s Roche Makes $43.7 Billion Offer for U.S. Biotech Pioneer Genentech

Roche Holding Ltd. (OTC ADR: RHHBY) yesterday (Monday) announced a $43.7 billion offer for the 44% of Genentech Inc. (DNA) it doesn’t already own.

Switzerland-based Roche’s $89 per share cash offer is almost a 9% premium over San Francisco-based Genentech’s Friday closing price. Roche first acquired 60% of Genentech for $2.1 billion in a 1990 deal. Currently, Roche owns approximately 56% of outstanding Genentech shares.

Roche will finance the Genentech deal through a combination of new debt and $9.8 billion (10 billion Swiss francs) in cash.

“The transaction will create a unique opportunity to evolve Roche’s hub-and-spoke model into a structure that allows…

22Jul2008 | Money Morning | Comments Off | Continued

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