Roche makes offer for Genentech
Switzerland based pharmaceutical company Roche said on Monday that it had offered to buy the outstanding shares in its US partner Genentech for $43.7 billion (£22 billion).
Mapeley receives unnamed proposalRoche bought a majority stake in Genentech in 1990 and presently owns 55.9 per cent of the firm's outstanding shares.
Roche said it had offered to buy the firms remaining shares for $89 per share, 8.8 per cent higher than the company's closing share price on Friday.
The Swiss drugs firm said that its sales increased 10 per cent to 22 billion Swiss francs in the first half of the year. Net profit however dropped two per cent to 5.73 billion in the period.
Roche said it believes that combined with Genentech it can produce $750 million to $850 million in annual pre-tax savings.
Franz Humer, Chairman of Roche, said, "Combining the strengths of Roche and Genentech will create significant value and result in benefits for patients, employees and shareholders."
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