Drug maker Roche Holding AG on Wednesday reported a 22 percent drop in full-year net profit to 8.51 billion Swiss francs ($8.06 billion), citing costs linked to the takeover of California-based Genentech.Discounting one-off expenses, net profit attributable to Roche shareholders would have fallen 9 percent to 9.8 billion francs, it said.The results fell just short of analyst expectations. Shares in Roche, which reports earnings figures only for the half year and full year, opened 2.2 percent...Read Full Story
WASHINGTON (Reuters) - A U.S. advisory panel will meet in July to review two proposed new uses for Roche Holding AG's blockbuster cancer drug Avastin, the Food and Drug Administration said on Thursday.The committee of outside experts at a July 20 meeting will consider applications from Roche unit Genentech to promote Avastin for certain patients with advanced breast cancer, the FDA said.The company is seeking approval of Avastin as a first-choice treatment for patients with metastatic HER2...Read Full Story
NEW YORK (Reuters) - When scientists at Genentech and parent Roche need to discuss business, they do not talk to each other -- they use lawyers.Roche acquired the remaining stake of Genentech it did not already own in 2009, against the protests of critics who feared the cancer-drug powerhouse would lose the innovation prowess that made it the envy of the biotech world if it was absorbed by far-bigger Roche Holding AG.But Roche research chief Jean-Jacques Garaud says the creative fires are...Read Full Story
Swiss pharmaceutical giant Roche said Thursday it has completed its $46.8 billion takeover of California-based biotech firm Genentech.Roche, which already held 55.7 percent of Genentech stock, said it acquired a further 37.5 percent of shares by the offer deadline on Wednesday.Roche said it has been guaranteed the transfer of a further 3 percent of Genentech shares in the coming days, taking its total holding to 96.2 percent and allowing the two companies to undergo a short-form merger.The...Read Full Story
Genentech Inc., developer of the cancer drug Avastin, told its shareholders to ignore a hostile $86.50-a-share acquisition bid from Roche Holding AG that was lower than the Swiss drugmaker made six months ago. Roche’s offer goes directly to shareholders, replacing an $89-a-share bid previously rejected by the Genentech board, Roche said today in a statement. Genentech, based in South San Francisco, California, urged shareholders to “take no action,” and said it will respond to Roche within 10...Read Full Story
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