The Special Committee of the Board of Directors of Genentech, Inc.
(NYSE:DNA) today urged Genentech shareholders to take no action at this
time with respect to Roche’s revised tender offer to acquire all of the
outstanding shares of Genentech stock not owned by Roche at a price of
$93 in cash per share. Currently, Roche owns approximately 55.8% of the
outstanding shares of Genentech.
The Special Committee intends to take a formal position regarding the
revised Roche offer promptly, and will explain in detail its reasons for
that position by filing an amended Statement on Schedule 14D-9 with the
Securities and Exchange Commission. The Special Committee members are
Herbert W. Boyer, Ph.D., Debra L. Reed, and Charles A. Sanders, M.D.
The Special Committee is represented by Goldman, Sachs & Co. and Latham
& Watkins LLP. Genentech is represented by Wilson Sonsini Goodrich &
Rosati.
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.