Recent Event Highlights: Genentech to Roche: Weâ€™re equipped for hard times, "Anywhere, anytime" â€“ Genentech challenges Roche , Genentech warns board could turn hostile, Roche â€śnot prepared to continue the existing relationshipâ€ť with Genentech, Genentech wanted $112 per share from Roche; SEC filing, Genentech â€śdisappointedâ€ť at Rocheâ€™s hostile action
Created by DNMPharma on 09/03/2009
Last updated: 11/03/10 at 17:02
Genentech believes a far-sighted approach to patent expiration, unique and life saving drugs and an unrivalled scientific culture will protect it from recession and ensure greater growth than Roche envisions.
Genentech used its investor meeting to retaliate against criticisms made by Roche, saying it will debate its financial model â€śanywhere, anytime with anyoneâ€ť.
As the battle for Genentech continues, the US biotech has warned its shareholders that Roche may â€śseek to influence our business in a manner that is contrary to our goals or strategiesâ€ť.
A filing with the SEC says that Roche is not prepared to continue in a relationship with Genentech in which it owns a majority of the biotechâ€™s equity but has limited involvement in its governance.
The strained relationship between Genentech and Roche has been revealed in a SEC filing, which details their differing valuations and accusations of misleading financial models.
Roche has stepped up its pursuit of Genentech, launching a hostile bid of $42bn after growing frustrated with the lack of progress over the past six months.
Genentechâ€™s special advisory committee has rejected Rocheâ€™s $44bn offer for the biotech believing that it â€śsubstantially undervaluesâ€ť the company.
Rocheâ€™s proposed $44bn acquisition of Genentech is facing some opposition with Wall Street saying the offer undervalues the company, disquiet among the biotechâ€™s employees and shareholders suing the Swiss giant.
Roche offered this morning to take complete control of US biotechnology giant Genentech for the princely sum of $43.7bn in a move that it says would â€śenhance innovationâ€ť and cut costs for both companies.