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Genentech shares drop

Posted on February 27, 2009 9:30 AM
The Obama administration is giving Roche Holdings AG a little help in its attempt to buy in biotechnology company Genentech Inc., but probably not enough to get Genentech minority shareholders to accept its current offer.

In recent days, following Genentech's Securities and Exchange Commission filings in response to Roche's $86.50 per share tender offer for the 44.2% of Genentech it does not own, Genentech shares have traded over the value of the bid.

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