Genentech Urges Shareholders to Take No Action With Respect to Revised Offer From Roche

The Special Committee of the Board of Directors of Genentech, Inc. (NYSE:DNA) today urged Genentech shareholders to take no action at this time with respect to Roche’s revised tender offer to acquire all of the outstanding shares of Genentech stock not owned by Roche at a price of $93 in cash per share. Currently, Roche owns approximately 55.8% of the outstanding shares of Genentech.

The Special Committee intends to take a formal position regarding the revised Roche offer promptly, and will explain in detail its reasons for that position by filing an amended Statement on Schedule 14D-9 with the Securities and Exchange Commission. The Special Committee members are Herbert W. Boyer, Ph.D., Debra L. Reed, and Charles A. Sanders, M.D.

The Special Committee is represented by Goldman, Sachs & Co. and Latham & Watkins LLP. Genentech is represented by Wilson Sonsini Goodrich & Rosati.

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.

Contacts:

Genentech, Inc.
Geoffrey Teeter, 650-467-6800 (Media)
Kathee Littrell, 650-225-1034 (Investors)
http://www.gene.com
Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here