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Market Update : 
Genentech Trades Above Roche Offer
Author: 123jump.com Staff
123jump.com
Last Update: 10:41 PM ET July 21 2008

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Roche offered to acquire 44% of Genentech that it does not own at $89 per share, nearly 9% above Friday closing price. Roche will raise cash through debt offering and from internal resources to pay for Genentech and keep the company as independent research operation. Roche, struggling with new product development has acquires several smaller research companies in the past to keep its pipeline of new drug offering active. Roche fell 4% and Genentech closed up 15% near $94.

 
Competitors, Novartis AG's bought out research partner Speedel while U.K's GlaxoSmithKline concluded a licensing with Actelion.

Roche develops and manufactures pharmaceutical and diagnostic products. The company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.
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