Tuesday, Dec 30, 1986

Genentech Partnership Purchases Recieve Majority Approval

South San Francisco, Calif. -- December 30, 1986 --

Genentech Development Corporation announced today that limited partners of its first two R&D partnerships approved the purchase of the assets of each partnership by Genentech, Inc. The buyout of Genentech Clinical Partners, Ltd. was approved by an 865 to 31 vote and the buyout of Genentech Clinical Partners II was approved by a 404 to 224 vote.

Genentech is scheduled to complete the purchase of the partnership's assets January 2, 1987, subject to normal closing conditions.

Genentech Development Corporation is a wholly owned subsidiary of Genentech. Genentech is a leading biotechnology company, focusing on the development, manufacture and marketing of pharmaceuticals produced by recombinant DNA technology.

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