Genentech Confirms Receipt Of Proposal From Roche

Main Category: Pharma Industry / Biotech Industry
Article Date: 22 Jul 2008 - 9:00 PDT

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Genentech, Inc. (NYSE:DNA) announced today that it has received a proposal from Roche to acquire all of the outstanding shares of Genentech stock not owned by Roche at a price of $89.00 in cash per share.

Currently, Roche owns approximately 55.9% of the outstanding shares of Genentech.

Genentech expects that a special committee of its Board of Directors, composed of the independent directors, will be convened promptly to determine what action to take with respect to the proposal.

About Genentech

Founded more than 30 years ago, Genentech is a leading biotechnology company that discovers, develops, manufactures and commercializes medicines to treat patients with significant unmet medical needs. The company has headquarters in South San Francisco, California and is listed on the New York Stock Exchange under the symbol DNA. For additional information about the company, please visit http://www.gene.com.

This press release contains a forward-looking statement. Such statement is a prediction and involves risks and uncertainties that could cause actual results to differ materially from those predicted in such forward-looking statement. Please also refer to Genentech's periodic reports filed with the Securities and Exchange Commission. Genentech disclaims, and does not undertake, any obligation to update or revise forward-looking statements in this press release.