Roche to close Californian plant
Swiss drug major Roche is to close its plant in Palo Alto, California, USA, to free up funds in advance of its hoped-for acquisition of the balance ofUS biotechnology giant Genentech that it does not already own (Marketletters passim), according to an article in the San Francisco Chronicle.
Despite last month's rejection of Roche's offer for the firm (Marketletter August 18), the Swiss company still intends the deal to go ahead. To expedite this, the inflammation research department of the Palo Alto facility will be moved to Roche's US headquarters in Nutley, New Jersey. The plant's virology operations will be transferred to Genentech's South San Francisco facility, though it will remain separate from the biotechnology firm at present.
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