Roche: Economic crisis won't stop Genentech bid

Roche is reassuring everyone that despite all the market turmoil that has occurred worldwide in recent weeks, it's still on track to raise the $43.7 billion it's bid to acquire all the outstanding shares of Genentech. And that's a major issue for the investment field, which sees that deal as a sign that the M&A business isn't completely dead--for now.

A spokesperson for Roche declined, though, to tell the Wall Street Journal if the company plans to bid more than the $89 per share already on the table. Genentech had rejected the offer as too low, but kept the door wide open to a richer bid. Investors, meanwhile, are feeling distinctly nervous about the whole affair. After bidding Genentech shares up to $98, the stock price slipped to $86.50 yesterday afternoon.

- read the report from the Wall Street Journal

ALSO: Biotechs in Europe, meanwhile, say they are feeling the heat. Report

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