Roche Completes Genentech Takeover
Thu, 03/26/2009 - 4:43am
BASEL, Switzerland (AP) — Swiss pharmaceutical giant Roche said Thursday it has completed its $46.8 billion takeover of California-based biotech firm Genentech. Roche, which already held 55.7 percent of Genentech stock, said it acquired a further 37.5 percent of shares by the offer deadline on Wednesday. Roche said it has been guaranteed the transfer of a further 3 percent of Genentech shares in the coming days, taking its total holding to 96.2 percent and allowing the two companies to undergo a short-form merger. The deal ends Roche's long-running effort to take control of Genentech and secure the South San Francisco, California-based biotech company's lucrative product portfolio, including the cancer drug Avastin. Genentech's board twice rejected Roche's advances until the Basel-based firm raised its offer to $95 a share. Roche expects to save $750 million to $850 million per year through the takeover, but has not said how many jobs could be lost.