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The drawn-out takeover bid by Swiss pharma giant Roche of Genentech has “gone hostile,” according to the website FiercePharma.
Roche has been haggling since July with Genentech’s board over the share price it will pay for the San Francisco-based biotech, which has a 500-employee plant in Oceanside that manufactures its best-selling cancer drug Avastin. It finally lost patience Friday, and not only went hostile, but lowered its offer, according to the FiercePharma post. Roche dropped its bid from $44 billion to $42 billion.