Posted on 03/27/2009 12:26:49 PM PDT by NMR Guy
(03-26) 13:50 PDT SOUTH SAN FRANCISCO -- Swiss drugmaker Roche said Thursday it completed its acquisition of biotechnology pioneer Genentech Inc. after sweeping up enough shares through a tender offer to gain ownership of more than 93 percent of Genentech's common stock.
Roche, which owned 56 percent of the South San Francisco biotechnology leader when it made its first takeover bid in July at $89 a share, eventually reached agreement after months of bargaining with Genentech's board for a friendly takeover at $95 a share. Investors who tendered their shares by Roche's deadline late Wednesday will receive the cash promptly, Roche said in a release. Shareholders who held out will receive the same amount, subject to appraisal rights.
Excerpt, read more here
(Excerpt) Read more at sfgate.com ...
What’s sad?
Judging by his handle, I’m guessing NMR guy is a fellow bionerd. Genentech was a pioneering biotech company founded here in America, but now it’s in foreign hands. That’s the part that makes me sad, but I’m not here to speak for anyone else since I’m not sure NMR guy would agree.
Roche has been a majority-owner of Genentech since the early 1990’s (I did a research project on it once).
Jeez, I tried to convince my mom to invest in Genentech in
2000 it was a deal then.
But Noooooo.
Yep, that’s correct. (And it’s likely to not be as productive under Roche control.)
She would have made a lot of money :-)
Yes, I KNOW!!!
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