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’Rumourtrage – pharma edition
Predictable really.
After the recent flurry of big deals in the pharmaceutical sector – think Pfizer’s $68bn bid for Wyeth, Roche’s $47bn offer for the chunk of Genentech it did not already own and Merck’s $41bn takeover of Schering-Plough – it was only a matter of time before the rumour mill started to whirl into action.
Roche claims Genentech victory
Roche, the Swiss pharmaceuticals company, on Thursday claimed victory in its protracted takeover of Genentech, winning backing from the US biotechnology group’s independent directors after raising its bid for the 44% of the company it does not own to $47bn.
Snap news
Breaking pre-market news on Thursday,
- Standard Life reports profit up 6% to £933m, FGD surplus at £3.4bn – statement
- Roche closes Genentech deal at $95 per share, cash – statement
- Cadbury Schweppes agrees to sell Schweppes Australia business to Asahi for A$1.1bn- statement
- Opsec security says will breach bank covenant – statement
- Corporate results:
Roche, Genentech talk on $47bn deal
Roche has again sweetened its offer for Genentech – this time by about 2% to $46.7bn – as it pushes to take full control of the biotech company after an eight-month courtship, reports Reuters. Roche’s $95 per share offer on Monday marks the second increase since Friday,
Genentech urges on Roche bid
US biotechn company Genentech urged shareholders Monday to take no action on a hostile $42bn bid by rival Swiss drugmaker Roche, saying its independent directors will decide formally on the surprise offer within 10 days,
Roche ‘confident’ on Genentech bid
Swiss drugmaker Roche is confident it will succeed in its bid for US biotech group Genentech, after launching a surprise hostile bid for Genentech on Friday at a price below its initial rejected offer,
Roche gets tough with Genentech
The patience of Roche has finally snapped. On Friday morning, the Swiss drug company launched a tender offer for the remaining 44 per cent of Genentech, the US biotech, it does not already own.
But here’s the twist:
Roche readies fresh $44bn Genentech buy-out attempt
Roche of Switzerland is preparing a fresh offer for Genentech, the US biotech in which it already owns a 56 per cent stake.
The bid, to be pitched at around $95-a-share, is likely to be placed in front of Genentech’s board ahead of Roche’s year-end figures,
Genentech rejects $44bn offer by Roche
Genentech on Wednesday rejected an unsolicited $43.7bn takeover bid from its majority owner Roche but suggested it would consider a higher offer. The US group, one of the world’s largest biotechnology companies,
Genentech shareholders sue over Roche bid
A Genentech investor filed a lawsuit yesterday over the proposed $43.7bn buyout by majority shareholder Roche, saying the bid is unfair and inadequate, Reuters reports. The law suit seeks to block the Swiss drugmaker’s bid from going forward under its current terms.
Genentech surges on $44bn Roche bid
Shares in Genentech, the US biotechnology company, jumped Monday amid investor hopes that Roche, its Swiss parent, might have to significantly increase a $44bn offer to buy out all minority shareholders,
Snap News
The latest on Monday:
- HBOS rights issue has only 8.29% takeup – statement
- Roche launches $43,7bn takeover of US biotech firm Genentech – Reuters
- Inmarsat and Harbinger end talks – statement
- IG group reports 51% increase in revenue,