Roche sells $16B of bonds to finance renewed Genentech bid

Roche has sold bonds worth $16.0 billion to finance its takeover of US biotechnology firm Genentech. The Swiss drug major is selling debt to  raise acquisition funds in this manner, reportedly to avoid borrowing  from credit-crunch afflicted world banks. The rest of the more than  $40.0 billion that Roche needs to acquire the remaining shares of  Genentech that it does not already own will be funded by the Swiss  firm's savings. Genentech's share price rose 2.2% to $84.83 on February  18, as investors hoped the savings made by Roche's move would encourage  the firm to make a higher bid, the Wall Street Journal reports.