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’Snap news
Breaking pre-market news on Friday,
- Blacks Leisure says equity worthless; talks over sale of assets and brands continue — statement.
- Haverford walks away from Omega Insurance — statement.
- EC approves Roche’s Avastin for use in ovarian cancer — statement.
Snap news
Breaking pre-market news on Thursday,
- Roche raises 2011 earning target — statement.
- Q2 results from Ericsson undershoot — statement.
- Swedbank results top expectations — statement.
- AstraZeneca says FDA approves Brilinta for use in the US — statement.
Snap news
Breaking pre-market news on Wednesday,
- BBVA announces 9 per cent rise in full year profits, says bad debts stable — statement.
- Roche forecasts low single digit sales growth in 2011 — statement.
Snap news
Breaking pre-market news on Friday:
- Roche launches group-wide business review to “adapt cost structures and accelerate productivity improvements” – statement.
- BP says Gulf of Mexico spill costs have reached $8bn – statement.
Snap news
Breaking pre-market news on Thursday,
- Dana Petroleum says makes significant gas discovery offshore UK – statement.
- Rio Tinto says most of operations ran at full capacity in Q1- statement.
- Roche Q1 sales beat forecasts,
Snap news
Breaking pre-market news on Thursday,
- Xstrata says it has no intention of making an offer for Anglo American – statement.
- Anheuser-Busch InBev agrees to sell central European operations to CVC for $2.2bn – statement.
Tamiflu resistance, Japanese ducks and dumb luck
John Hempton at Bronte Capital is the archetype of the polymath hedge fund manager. In a piece posted on his blog on Friday, Hempton describes why he advised his clients to go long Biota Holdings, an Australian drug development company which own a 7 percent royalty on all sales of GlaxoSmithKine’s Relenza.
Drug groups to reap swine-flu billions
Some of the world’s leading pharmaceutical companies are reaping billions of dollars in extra revenue amid global concern about the spread of swine flu. Analysts expect to see a boost in sales from GlaxoSmithKline,
Swine fever panic – in pictures
The airline stocks.
A tour operator – Thomas Cook.
An animal breeding company – Genus.
A sausage maker – Cranswick.
But there are some winners, such as Roche and GlaxosmithKline.
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.
Snap news
The latest on Tuesday:
- Paragon confirms talks with potential bidders – statement
- F&C proposes merger of property business with REIT – statement
- Trafficmaster to acquire Tri-Mex – statement
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,
Snap News
The latest on Tuesday,
- Qatar and Euronext unveil plans for integrated cash and derivatives exchange in Doha, Euronext to acquire 25% of Doha securities market for $250m- statement
- Nokia says
Roche wins Ventana with sweetened bid
The turmoil on financial markets failed to derail Roche’s ambitions to buy Ventana Medical Systems, as the Swiss pharmaceuticals group made an improved offer for the US diagnostics company. Roche raised its bid from $75 to $89.50 a share,
Humer on drugs and alcohol
The price on the table for American diagnostics specialist Ventana from Switzerland’s Roche is “full and fair,” according to Franz Humer, the Roche chairman who is also chairman-elect of Diageo.
Interviewed in the FT’s new European View from the Top video slot,
Roche confident of Ventana win
The head of Swiss pharma giant Roche has expressed renewed confidence that he will win his $3bn hostile bid for Ventana, the US diagnostic company, after claiming hedge funds have already bought out the leading shareholders.
Roche in $3bn hostile bid for Ventana
Roche, the Swiss drug and diagnostics group, on Monday launched a hostile $3bn cash offer to acquire Ventana Medical Systems and its leading US cancer tissue diagnostics business. Roche, which plans to capitalise on the growing convergence of testing and drugs to personalise medicine,