P. M. BRIEFING : Roche Buys Up Genentech Stock
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SOUTH SAN FRANCISCO — Roche Holding Ltd., the huge Switzerland-based health-care company, today announced an agreement to invest $2.1 billion in Genentech Inc., making it the largest stockholder of the biotechnology firm.
Under the agreement, Roche will invest $492 million in capital into Genentech and buy half its stock for $36 per share, 65% above Thursday’s closing stock price. After the transaction, Roche will own 60% of the 112 million shares of stock outstanding.
However, both companies emphasized that Genentech will remain a publicly traded company.
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