Roche makes hostile bid for Genentech

Swiss drugmaker Roche Holding reduced its acquisition offer for Genentech from $89 to $86.50 a share after negotiations with the biotech firm failed. Roche said it plans to take the proposal directly to Genentech shareholders, but a panel of Genentech directors recommended against acting on the hostile bid until a formal opinion is released. Roche Chairman Franz Humer said the lower price reflects market conditions and was not affected by other events, such as Pfizer's purchase of Wyeth.

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