Market Currents

• Monday, October 5, 2009

• 08:24 AM Seattle Genetics (SGEN) halts its mid-stage lymphoma drug study, citing disappointing results (PR). Shares -19% premarket. Seattle was developing the drug, dacetuzumab, with Genentech, which was acquired by Roche Holding (RHHBY.PK). Comment!

• Monday, August 24, 2009

• 16:22 PM The FDA has linked weight-loss drugs from GlaxoSmithKline (GSK) and Roche (RHHBY.PK) to 32 reports of liver injury from 1999 to 2008. Glaxo's Alli and Roche's Xenical both contain orlistat, which blocks fat absorption. The FDA stopped short of recommending discontinued use of the drugs. Comment!

• Tuesday, June 9, 2009

• 14:46 PM Roche (RHHBY.PK) moves a new diabetes drug into late-stage testing, paving the way to launch the potential blockbuster as soon as 2014. Comment!

• Wednesday, April 22, 2009

• 12:24 PM So would Roche (RHHBY.PK) still have spent $46.8B for Genentech if it had known today's results of the Avastin study? Comment!
• 07:24 AM In a much anticipated study, Roche Holding's (RHHBY.PK) Avastin cancer drug fails to keep tumors at bay. Roche plans further tests for early-stage use. Shares -8.3% in Zurich. Comment!

• Thursday, April 16, 2009

• 07:58 AM Roche Holding's (RHHBY.PK) Q1 revenue +7% to 11.58B francs ($10.2B), in-line with consensus, thanks to strong sales of its cancer drugs. The firm is confident in its FY '09 targets and will update its outlook in July to reflect the full Genentech takeover. Comment!

• Thursday, March 26, 2009

• 07:19 AM Roche (RHHBY.PK) secures over 96% of Genentech's (DNA) shares, effectively completing its $46.8B buyout. Roche plans to make Genentech a wholly owned subsidiary as soon as possible and delist the company from the NYSE. Comment!

• Thursday, March 12, 2009

• 07:20 AM Roche (RHHBY.PK) reaches a deal to acquire the 44% of Genentech (DNA) it doesn't already own for $46.8B, or $95/share. Comment!

• Monday, March 9, 2009

• 14:10 PM Genentech (DNA) is nearing a deal to sell itself to Roche (RHHBY.PK) for $95/share ($46.7B). (WSJ) Comment!
• 10:36 AM Analysts say Roche (RHHBY.PK) is finally likely to seal a deal with Genentech (DNA) after increasing its offer late last week. (previously I, II) Comment!

• Friday, March 6, 2009

• 14:31 PM Genentech (DNA) is urging its shareholders to hold off on Roche (RHHBY.PK)'s latest offer while its board frames a response. [PR] Comment!
• 12:10 PM Roche (RHHBY.PK) has raised its offer for Genentech (DNA) to $93 a share, from its previous hostile offer of $86.50. [PR] Comment!

• Friday, February 27, 2009

• 10:57 AM 'Spreading' the wealth: Some lucky debt traders made a mint off the wide spreads Roche (RHHBY.PK) paid debt buyers in last week's $16.5B auction. "There was little choice than to play it safe from the issuer’s perspective by leaving some money on the table." Comment!

• Tuesday, February 24, 2009

• 07:48 AM Genentech (DNA) urges shareholders to reject Roche's (RHHBY.PK) $86.50/share hostile offer. Genentech's banker had previously called $112/share acceptable; analysts expect the companies to eventually meet in the $95-$100 range. Comment!

• Thursday, February 19, 2009

• 09:56 AM Capitalizing on a window in the U.S. corporate-bond market, Roche (RHHBY.PK) sells a record $16B in bonds to help finance its hostile takeover of Genentech (DNA) - a deal whose fate remains unknown. "Banks aren't in a position to lend so you have to go to the markets first," credit strategist Matt King says. "This will be a big theme this year." Comment!

• Tuesday, February 10, 2009

• 08:30 AM According to documents Roche Holding (RHHBY.PK) filed with the SEC, Genentech (DNA) originally wanted a Roche bid of $112/share - $23 more than Roche's July offer, $25.50 more than Roche's current tender offer to shareholders. Comment!