Will Genentech be bought out by Roche before September 1st?

GENEVA -- Swiss pharmaceutical maker Roche on Monday offered $43.7 billion for the remaining shares of its U.S. biotech partner Genentech Inc., seizing the opportunity offered by the weak U.S. dollar to grab a bigger share of earnings from such Genentech drugs as blockbuster cancer treatment Avastin. Roche Holdings AG already owns 55.9 percent of the South San Francisco, Calif.-based drugmaker. It offered $89 per share, 8.8 percent above Genentech's closing price Friday and 19 percent above the price a month ago. But Genentech shares climbed well above that offer in premarket trading on Monday, jumping $13.11, or 16 percent, to $94.93 -- a bet that the bidding will go higher. Genentech's board is expected to name a committee to evaluate the offer. Roche shares dropped 2 percent to 175.90 francs ($172.06) on the Zurich exchange after the disclosure, which coincided with Roche's announcement of a 2 percent decline in its first half net profit. (AP/LA Times)

http://www.latimes.com/business/la-fi-genentech22-2008jul22,0,7261844.story