Swiss drugmaker Roche has secured more than 96 percent of shares in Genentech, effectively completing its $46.8 billion buyout of the US biotech group.
Roche said today it now holds some 93 per cent of outstanding Genentech shares, a further 3 per cent are guaranteed to be delivered within the next three business days and it will integrate the US biotech group as soon as possible.
The Swiss group agreed earlier this month to acquire the 44 per cent of shares in the US firm it does not already own for $95 each, ending a long pursuit of the US biotech group and its lucrative cancer drugs.
Roche said remaining holders of Genentech shares would revive $95 a share.
Its Genentech buy is the third big acquisition by a drugmaker this year, following Pfizer $68 billion acquisition of Wyeth and Merck & Co $41 billion tie-up with Schering Plough.
The deal underlines big pharmaceutical companies' drive to secure promising new medicines as the flow of traditional drugs from research labs stalls and patents on current billion-dollar sellers expire.
Reuters
