Roche extends its hostile takeover bid for Illumina

Swiss pharmaceutical group Roche said Monday it is sticking by its hostile $5.7-billion (4.2 billion euros) bid for US gene mapper Illumina and is extending it for a month.

Roche's offer ran until last Friday but it has received shares worth only $4.55 million from the US company.

"All other terms and conditions of the offer remain unchanged," said Roche in a statement announcing it was extending the offer to March 23.

Roche said it had received some 102,165 shares at a proposed price of $44.50 a share.

The Swiss company said its price was 64 percent higher that Illumina's closing stock price on December 21, 2011 "the day before market rumours" about the potential bid drove Illumina's significantly higher.

Illumina said: "The extension by Roche was expected."

"An extremely low number of shares have been tendered, consistent with our view -- and that of our stockholders -- that Roche's offer does not reflect Illumina's unique leadership position, business performance and future prospects."

Roche Severin Schwan said however the Swiss giant continued to believe that the offer was "fair and comprehensive and provides a unique opportunity for Illumina shareholders."

Related Stories

Roche to take over Genentech for $47 billion

date Mar 12, 2009

(AP) -- Swiss pharmaceutical giant Roche said Thursday it has agreed to buy California-based Genentech for $46.8 billion in a takeover described as the largest in Swiss corporate history.

US approves Swiss firm's cervical cancer test

date Apr 20, 2011

Swiss pharmaceutical giant Roche has been given the green light by US authorities to market its test for screening cervical cancer, the company announced on Wednesday.

Recommended for you

US aims to cut antibiotic use

date Mar 27, 2015

US President Barack Obama on Friday rolled out plans to cut inappropriate antibiotic use by half, in an effort to tackle drug resistance.

Questions over value of new antibiotics to tackle resistance

date Mar 26, 2015

In the first installment of a new series, Peter Doshi, Assistant Professor at the University of Maryland School of Pharmacy and Associate Editor at The BMJ, asks why authorities are approving drugs with little evidence they d ...

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.