Roche to Reduce Its Stake in Genentech
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Roche Holding said it will sell about one-fifth of its stake in Genentech Inc., taking advantage of a 65% gain in shares of the second-biggest U.S. biotechnology company since the Swiss drug maker offered them in July.
Roche, Europe’s fourth-biggest pharmaceutical company, will sell as many as 22 million Genentech shares. That would bring about $3.5 billion, based on its recent share price of $160. The biotech company’s shares fell 8.6% amid worries the Swiss drug maker’s holdings would be sold at a reduced price, analysts said.
Shares of South San Francisco-based Genentech fell $15.06 to close at $157.75 on the New York Stock Exchange.
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