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Roche Makes Offer to Acquire All Outstanding Shares of Genentech for US$89.00 Per Share in Cash
Date:7/20/2008

- Combination to enhance innovation by allowing for diversity of research approaches while also encouraging sharing of IP, technologies, partnerships

and other key assets

- Improved operational efficiency to result from reduced complexity,

elimination of duplications and increased scale in the U.S. - Genentech's unique research culture to be maintained; South San Francisco site to operate as an independent research and early development center and

become headquarters of combined U.S. commercial operations - Transaction to deliver annual pre-tax synergies of US$750 - $850 million;

Expected to be EPS accretive in the first year after closing - Offer represents a one day premium to Genentech shareholders of 8.8% and

a one month premium of 19.0%

BASEL, Switzerland, July 21 /PRNewswire-FirstCall/ -- Roche (SWX: ROG.VX; RO.S; OTCQX; RHHBY), a world-leading healthcare company, announced today that it has proposed to acquire the outstanding publicly held interest in Genentech (NYSE: DNA), a leading biotechnology company, for US$89.00 per share in cash, or a total payment of approximately US$43.7 billion to equity holders of Genentech other than Roche. Roche acquired a majority in Genentech in 1990 and currently owns 55.9% of all outstanding shares.

Commenting on the proposal, Franz Humer, Chairman of the Board of Roche, said, "Our long and successful participation in Genentech has provided great benefits to both of our companies and shareholders. It has resulted in one of the biggest success stories in the healthcare industry. Roche's significant investment in Genentech over many years has helped it to focus on innovation and long-term projects
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SOURCE Roche
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