Genentech, Inc. Rejects Roche's $43.7 Billion Bid as Low
Dr. Charles A. Sanders, chairman of the special committee, said, "The special committee is confident in the company's strong financial and clinical momentum and its uniquely productive R&D capabilities, which will continue to enhance shareholder value. In addition, we look forward to the company maintaining its successful relationship with Roche, regardless of ownership structure."
In light of the tremendous importance of Genentech's employees to the company's success, the special committee has approved the implementation of a broad-based employee retention program to address any employee concerns created by the Roche proposal. Genentech's Board of Directors, including the Roche representatives, had previously granted the special committee authority to implement such a program.
About Genentech
Founded more than 30 years ago, Genentech is a leading biotechnology company that discovers, develops, manufactures and commercializes medicines to treat patients with significant unmet medical needs. The company has headquarters in South San Francisco, California and is listed on the New York Stock Exchange under the symbol DNA. For additional information about the company, please visit http://www.gene.com.
Contacts
Genentech, Inc. Media Contact: Geoff Teeter, 650-467-6800 Investor Contact: Kathee Littrell, 650-225-1034 Sue Morris, 650-225-6523 http://www.gene.com