Genentech to Roche: Not So Fast (at TheStreet.com)

Genentech DNA may not go gentle into that good night. The South San Francisco-based biotech firm said Thursday night that a special committee of independent directors has been formed to evaluate the $89-a-share acquisition offer from Roche. At that same time, however, Genentech appeared to send a shot across Roche's bow, signaling that it may fight any takeover proposal from the Swiss drug giant. "Neither Genentech nor the special committee has any obligation under the Affiliation Agreement between Genentech and Roche, or otherwise, to agree to a transaction," Genentech said in its statement. "In addition, the Affiliation Agreement does not obligate Genentech or the special committee to agree to any specific process or any price based on valuation assessments provided by investment banks," the company added. Roche currently... [read full story]