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Genentech accepts Roche offer

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Genentech accepts Roche offer

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Swiss drugmaker Roche has reached a deal with Genentech to acquire all of the shares in the US biotech group that it does not already own.

Over the last nine months Genentech has repeatedly rejected Roche’s attempts to buy the 44 percent of shares saying the price offered undervalued the company. Now Genentech’s board is recommending shareholders accept the latest increased cash offer. Roche is paying the equivalent of 36.5 billion euros.