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  • Roche completes purchase of Genentech

    03/27/2009 12:26:49 PM PDT · by NMR Guy · 8 replies · 317+ views
    (03-26) 13:50 PDT SOUTH SAN FRANCISCO -- Swiss drugmaker Roche said Thursday it completed its acquisition of biotechnology pioneer Genentech Inc. after sweeping up enough shares through a tender offer to gain ownership of more than 93 percent of Genentech's common stock. Roche, which owned 56 percent of the South San Francisco biotechnology leader when it made its first takeover bid in July at $89 a share, eventually reached agreement after months of bargaining with Genentech's board for a friendly takeover at $95 a share. Investors who tendered their shares by Roche's deadline late Wednesday will receive the cash promptly,...