Roche and Genentech to meet on Tuesday to discuss deal

Tue Jul 22, 2008 7:01am BST

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BANGALORE (Reuters) - U.S. biotechnology company Genentech DNA.N and suitor Roche Holding (ROG.VX) will meet on Tuesday to discuss the Swiss company's bid to buy Genentech stock it does not already own, Roche said.

Basel-based Roche, which already has a majority stake in Genentech, offered on Monday to acquire all outstanding shares in the U.S. company for $43.7 billion (21.9 billion pounds) in cash, in a move to strengthen its position in cancer medicines.

"We expect that the Genentech board of directors will form a special committee comprised solely of independent directors to consider the proposal," said Roche spokesman Alexander Klauser.

He said all independent directors of Genentech were informed of the offer on Monday, and Tuesday's talks would be "informal."

Genentech did not return a call seeking comment.

(Reporting by Varsha Tickoo in Bangalore; Editing by Clarence Fernandez)

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