Roche plans to acquire all Genentech shares

Roche intends to commence a tender offer that will see it acquiring all of Genentech’s shares, it has been announced.

The deal is set to see the company purchased for $86.50 (60.76 pounds) per share in cash and follows an original proposal in July last year to purchase the shares at $89 each, which was rejected a month later.

The company currently holds 55.8 per cent of Genentech’s shares.

Franz Humer, chairman of the Roche group, said the acquisition would “created unrivalled benefits” for patients, shareholders and stockholders.

However, he noted the company was “disappointed” discussions over the past six months between the two organisations had not produced an agreement.

“We feel it is now time to give the Genentech minority shareholders the opportunity to decide on our offer,” Mr Humer concluded.

In November last year, Roche announced it and Memory Pharmaceuticals had signed a definitive merger agreement, which will see the former acquiring the latter for $50 million.