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."

add to favorites email to friend print save as pdf

Related Stories

Roche to take over Genentech for $47 billion

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

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

Determine patient preferences by means of conjoint analysis

Jul 29, 2014

The Conjoint Analysis (CA) method is in principle suitable to find out which preferences patients have regarding treatment goals. However, to widely use it in health economic evaluations, some (primarily methodological) issues ...

FDA approves hard-to-abuse narcotic painkiller

Jul 25, 2014

(HealthDay)—A new formulation of a powerful narcotic painkiller that discourages potential abusers from snorting or injecting the drug has been approved by the U.S. Food and Drug Administration.

Race affects opioid selection for cancer pain

Jul 25, 2014

(HealthDay)—Racial disparities exist in the type of opioid prescribed for cancer pain, according to a study published online July 21 in the Journal of Clinical Oncology.

FDA approves tough-to-abuse formulation of oxycodone

Jul 25, 2014

(HealthDay)—Targiniq ER (oxycodone hydrochloride and naloxone hydrochloride extended release) has been approved by the U.S. Food and Drug Administration as a long-term, around-the-clock treatment for severe ...

User comments