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Roche plans tender offer for all Genentech shares

30 Jan 2009

Roche plans to commence a cash tender offer for all remaining publicly-held shares of Genentech, it has announced.

At present, Roche owns 55.8 per cent of the shares and intends to commence the offer within a fortnight.

Following the proposed transaction, Genentech''s early development and research activities would carry on operating as a separate entity within Roche from its existing campus in San Francisco.

The combined firm''s US commercial operations in the pharmaceutical sector would reflect Genentech''s name in order to leverage the company''s strong brand value in the country.

Franz B Humer, chairman of the Roche Group, said the acquisition would create "unrivalled benefits" for shareholders, patients and employees.

Severin Schwan, chief executive of Roche Group, added: "We have great respect for our colleagues at Genentech and we will take the necessary steps to nurture Genentech''s innovative and unique science-driven culture."

Earlier this month, Genentech announced the appointment of Jennifer Doudna to the newly-created position of vice-president of Discovery Research.