The Morning Report
Get the news and information you need to take on the day.
I wrote a story last month about Genentech, Inc., a biotech giant with a huge plant in Oceanside, being bought out by Swiss drug maker Roche.
Today, despite market turmoil, Roche assured the Wall Street Journal that it’s still on track to offer the $43.7 billion bid to acquire all of the outstanding shares of Genentech.
A spokesperson for Roche declined to tell the 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 higher bid.
But investors seem skittish. After bidding Genentech shares up to $98, the stock price slipped to $86.50 yesterday afternoon.