Severin Schwan

Roche won't extend $6.8 billion bid for San Diego's Illumina

Roche won't extend $6.8 billion bid for San Diego's Illumina

Swiss drugmaker Roche will not extend its hostile $6.8-billion bid for Illumina Inc. after the San Diego biotech company’s shareholders rejected Roche’s attempts to appoint new board members.

Roche’s current offer of $51 per Illumina share will expire on Friday. Severin Schwan, the company’s chief executive, said in a statement Wednesday that a higher price is not "in the interest of Roche’s shareholders.”

Schwan said that Illumina, which makes products used for genetic analysis, had failed to “engage in a constructive...

60°