Financial Times FT.com

Roche hails deal in Genentech takeover saga

By Haig Simonian in Zurich and Andrew Jack in London

Published: March 12 2009 07:29 | Last updated: March 12 2009 18:37

Roche, the Swiss pharmaceuticals company, on Thursday claimed victory in its protracted takeover of Genentech, winning backing from the US biotech group’s independent directors after raising its bid for the 44 per cent of the company it does not own to $47bn.

After months of resistance, Genentech recommended shareholders should agree to the latest $95-a-share bid, up from $93 offered last week.

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