Biotech Values

[corpstrat]

<<Either FT or the WSJ is wrong.>>

Not the FT, but Alphaville's quote from an analyst.

There's a lot of 'consummation' going on in the Roche release, which I suppose can be parsed both ways. Fiendish, those little Swissies. Perhaps they've been reading hptaxis.

http://www.roche.com/investors/ir_update/inv-update-2009-01-30.htm

<<Roche currently intends to make the offer conditional upon, among other things, (i) a non-waivable condition that holders of at least a majority of the outstanding publicly-held Genentech shares tender their shares in the offer and (ii) that Roche has obtained sufficient financing to purchase all outstanding publicly-held shares and all shares issuable upon exercise of outstanding options and to pay related fees and expenses. If following the consummation of the offer Roche owns 90% or more of the Genentech shares, Roche will seek to consummate a merger with Genentech.

Roche plans to finance the transaction by a combination of its own funds, commercial paper, bonds, as well as a traditional bank financing.

The commencement and completion of the tender offer does not require any approval by the special committee or the Genentech board, and Roche has not asked the special committee to approve the tender offer. The complete terms, conditions and other details of the Roche offer will be contained in materials filed with the U.S. Securities and Exchange Commission when the offer commences.>>