Thursday, April 16, 2009

Genentech Executives Leave as Roche, Soriot Arrive

April 15 (Bloomberg) -- Genentech Inc., the biotechnology company bought by Roche Holding AG for $46.8 billion, lost its chief financial officer, head of product development and compliance manager after the Swiss drugmaker named a new chief executive officer for the unit.

Pascal Soriot, 49, who now heads Roche’s commercial pharmaceutical operations, will become Genentech’s CEO, responsible for all U.S. pharmaceutical operations, beginning May 1. Susan Desmond-Hellmann, 51, the product development leader who has been a Genentech executive since 1995, will leave at mid-year and join the Genentech Scientific Resource Board, Roche said in a statement yesterday.

The changes begin the company’s transformation to a team- oriented culture from one that supports individual scientific enterprise, said Stephen Burrill, a venture capitalist who invests in biotechnology companies. Soriot will succeed current Genentech’s Arthur Levinson, 59, who will stay on as chairman. Roche officials also will take over from the other departing executives, the company said.

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Saturday, March 14, 2009

Roche Increases Offer for Genentech

SETTING THE RECORD STRAIGHT
An article about Roche's offer to buy Genentech incorrectly attributed this quote: "Roche is going to get this deal done. That's what this move tells everyone. It should convince people that Roche is not going to walk away from this." The comment was made by Oppenheimer & Co. analyst Bret Holley.


Roche also extended its offer to shareholders by a week, until March 20. Genentech has already urged its shareholders to reject the $86.50-a-share bid, saying Genentech is worth $112 a share. Franz B. Humer, the chairman of Roche, said in an interview on Friday that the new offer was made to speed the process after conversations the company had with Genentech shareholders.

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Friday, March 13, 2009

Roche Adds to Its Offer to Purchase Genentech

The Swiss drug giant Roche raised the price of its hostile offer to buy out the biotechnology company Genentech on Friday to $93 a share, from $86.50. Analysts said the new price was likely to entice many more Genentech shareholders to tender their shares.

Roche also extended its offer to shareholders by a week, until March 20. Genentech has already urged its shareholders to reject the $86.50-a-share bid, saying Genentech is worth $112 a share. Franz B. Humer, the chairman of Roche, said in an interview on Friday that the new offer was made to speed the process after conversations the company had with Genentech shareholders.

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