Roche mounts hostile takeover bid for Genentech
BASEL, Switzerland Roche will attempt a hostile takeover in its long-standing effort to acquire United States biotech giant Genentech.
The Swiss drug maker announced Friday that it would start a tender off to acquire all shares of Genentech that it doesn’t already own for $86.50 each.
Roche had originally offered to acquire Genentech for $89 per share on July 21, but a committee of the South San Francisco, Calif.-based biotech’s board rejected the proposed takeover on Aug. 13. It already owns 55.8% of the company.
“This offer does not change our initial plan on how we combine the two companies and operate the new entity,” Roche Group CEO Severin Schwan said in a statement. “We have great respect for our colleagues at Genentech, and we will take the necessary steps to nurture Genentech’s innovative and unique science-driven culture.”
FDA approves generic version of Depakote
ROCKVILLE, Md. The Food and Drug Administration has approved a generic version of Abbott’s Depakote, FDA records show.
The agency approved Dr. Reddy’s Labs divalproex sodium delayed-release capsules in the 125 mg strength. The capsules are used to treat epilepsy, bipolar disorder and migraine headaches.
The branded version of the drug had sales of $1.5 billion in 2007, according to Abbott financial records.
FDA approves Mylan’s generic epilepsy drug
PITTSBURGH The Food and Drug Administration has approved Mylan’s generic version of GlaxoSmithKline’s epilepsy drug Lamictal, Mylan announced Wednesday.
The drug, known generically as lamotrigine, is also used to treat bipolar disorder. Mylan will sell the drug in the 25 mg, 100 mg, 150 mg and 200 mg strengths. The FDA also approved Genpharm?s application for a chewable generic version of Lamictal.
The branded version of the drug had sales of about $91 million in the year ending Sept. 30, according to IMS Health.