Genentech and Tanox Receive 'Second Request' from the Federal Trade Commission Monday January 29, 8:36 am ET
[I assume the merger will go through.]
SOUTH SAN FRANCISCO, Calif. and HOUSTON, Jan. 29 /PRNewswire-FirstCall/ -- Genentech, Inc. (NYSE: DNA - News) and Tanox, Inc. (Nasdaq: TNOX - News) today announced that they have received a Request for Additional Information and Documentary Materials, commonly referred to as a "second request," from the U.S. Federal Trade Commission (FTC) in connection with Genentech's proposed acquisition of Tanox. The second request extends the waiting period imposed by the Hart- Scott-Rodino Antitrust Improvements Act of 1976, the expiration of which is a condition to the completion of the acquisition.
Genentech and Tanox continue to engage in active and productive discussions with the FTC and intend to cooperate fully with the FTC in its review of the proposed acquisition. The companies anticipate that the FTC's review could extend beyond the first quarter of 2007. The companies expect that the transaction will close within the first half of 2007, subject to the satisfaction of other customary closing conditions.
At a special meeting on January 15, 2007, Tanox stockholders voted to approve the merger agreement providing for the merger of Tanox and a wholly- owned subsidiary of Genentech.
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