Exhibition Stands News
Roche and Genentech agree to merger
12 Mar 2009
Roche and Genentech have reached a friendly accord to merge the two organisations and create what they have described as "a leader in healthcare innovation".
The former will pay the latter $95 (£68.83) per share for the remainder of its publicly-listed interest, amounting to $46.8 billion.
Dr Charles Sanders, chair of the special committee for Genentech''s board of directors, says he believes the offer to be fair and that the committee is glad to have reached a conclusion to the process.
Franz B Humer, chairman of the Roche Group, adds he is "delighted" the negotiations have resulted in a successful resolution.
"Working together, we aim to close the transaction quickly, thus removing uncertainty for employees and allowing us to focus even more intently on innovation and long-term projects," he states.
Earlier this month, Roche held its annual general meeting and announced its 22nd consecutive dividend for its shareholders. It also authorised a nine per cent increase in the payout.
