Genentech shareholders ‘awaiting better offer’

Genentech’s shareholders are holding out for a better offer from Roche, according to a survey.

Research undertaken by Citigroup found 92 per cent of the company’s executives would not sell their shares for $86.50 (60.64 pounds), until April’s publishing of trial results on the company’s Avastin cancer therapy.

Recently, Roche lowered its offer – but that was rejected by Genentech’s shareholders, who were asking for $112 per share.

Last week, Genentech “urged” for no action to be taken place, with respect to the transaction.

The company added its special committee intended to “take a formal position” in the offer, noting it “will explain in detail its reasons for that position by filing a statement on Schedule 14D-9 with the Securities and Exchange Commission”.

Founded in 1976, Genentech employs approximately 11,000 people and is based in San Francisco, US.

The organisation’s total operative revenues (generally accepted accounting principles) were $13,418 million for the full year of 2008.