Tuesday, Oct 29, 1991
South San Francisco, Calif. -- October 29, 1991 --Genentech, Inc. announced today that it is accepting bids for the auction of GLC Associates. GLC is engaged in the development and commercialization of a novel DNA-based route for the single-step conversion of glucose to 2-keto-L-gluconate, a key intermediate in the synthesis of vitamin C. To date, the GLC technology has been demonstrated at a laboratory scale.
Genentech is required to divest its interest in GLC under terms of an agreement reached with the Federal Trade Commission (FTC) prior to the consummation of Genentech's merger transaction with Roche Holding Ltd. in September, 1990. Roche, based in Basel, Switzerland, is a major worldwide producer of vitamins, including vitamin C, as well as pharmaceuticals, diagnostics and fragrances. Genentech produces human pharmaceuticals through biotechnology and is not involved in the vitamin business beyond its interest in GLC.
Genentech announced that there is no minimum bid required for the auction. Genentech and its partner are seeking to sell 100 percent of GLC, in which they each own a 50 percent interest, to a third party. GLC, which was formed in 1985, has no products or employees.
Genentech's acceptance of any bid is subject to approval by the FTC. Accordingly, Genentech may conditionally accept a number of bids and submit them to the FTC. If the FTC approves more than one bid, the highest approved bid will be finally accepted by Genentech.
Interested parties are requested to contact Jeff A. Fink or Marina S. Bozilenko of Vector Securities International, Inc. at (708) 940-1970 for more information and bidding procedures. The deadline for notifying Vector of an interest in submitting a bid is November 15, 1991.
Genentech, Inc. is a biotechnology company that discovers, develops, manufactures and markets human pharmaceuticals for significant medical needs.
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