Leading biotech company Roche, parent company of Roche Molecular Diagnostics in Pleasanton, annouced yesterday that it has reached an agreement to purchase San Francisco-based Genentech for $46.8 billion.
The merger means Swiss drugmaker Roche will acquire Genentech for $95 per share.
In a statement released by Roche, the company says the merger will make Roche the seventh largest U.S. pharmaceuticals company in terms of market share. The combined company's U.S. commercial operations in pharmaceuticals will operate under the Genentech name.
Roche is a world leader in in-vitro diagnostics and drugs for cancer and transplantation.