P. M. BRIEFING : Roche Buys Up Genentech Stock
Roche Holding Ltd., the huge Switzerland-based health-care company, today announced an agreement to invest $2.1 billion in Genentech Inc., making it the largest stockholder of the biotechnology firm.
Under the agreement, Roche will invest $492 million in capital into Genentech and buy half its stock for $36 per share, 65% above Thursday’s closing stock price. After the transaction, Roche will own 60% of the 112 million shares of stock outstanding.
However, both companies emphasized that Genentech will remain a publicly traded company.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
