Roche Takes the Gloves Off and Drops Genentech Bid to $41 Billion

SUGAR LAND--February 3, 2009--Reported by Annette Kreuger, Industrial Info Resources (Sugar Land, Texas)--Thanks to the prescience of venture capitalist Robert A. Swanson, who ignored naysayers and glimpsed the vast commercial potential in the recombinant DNA technology pioneered by Dr. Herbert Boyer, the two men met and formed Genentech (NYSE:DNA) (South San Francisco, California) in 1976. It was one of the industry's earliest successful "marriages" between money and science. Fast forward three decades or so and the company now has another suitor in the form of Swiss pharmaceuticals giant Roche. But what started out last year as a friendly offer from a major shareholder has grown to more resemble an acrimonious custody battle over the company's remaining shares.