Roche to make new offer for Genentech?
Swiss drug major Roche is preparing a new offer for the remainder of Genentech that it does not already own, according to a report from the UK Financial Times.
Shares in the USA-based biotechnology firm rose 2.3% to $86.34 on the rumor that Roche was raising financing to make an offer of $95 a share, for a total cost of $44.0 billion. The newspaper notes that the drug major has $9.0 billion in cash and is currently seeking the remainder in financing, including $25.0 billion from a syndicate of 10 banks led by HSBC and JP Morgan. It also claims the firm may be willing to take an offer of up to $50.0 billion directly to shareholders if Genentech refuses.
Roche currently owns 56% of Genentech and made a $89 per share - $43.7-billion in total - offer for the rest last year (Marketletter July 28, 2008). Though it declined that approach, Genentech said that it "would consider a proposal that recognizes the value of the company."
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