Wednesday, Jan 12, 2000
South San Francisco, Calif. -- January 12, 2000 --Genentech, Inc. (NYSE:DNA) today announced that Roche will offer a zero-coupon debt instrument exchangeable for shares of Genentech common stock owned by Roche. The U.S. dollar denominated issue1 is expected to raise approximately $1 billion. The exchangeable bonds are a U.S. dollar denominated fixed income security and include the option to exchange for shares of Genentech common stock currently owned by Roche at an exchange ratio to be determined. Shares of Genentech common stock held by Roche into which the bonds would be exchangeable are expected to be around 2.5% of Genentech's outstanding common stock. The net proceeds from the offering of the exchangeable bonds will be used for corporate purposes of the Roche Group. Genentech is not offering the bonds for purchase or sale.
Genentech, Inc. is a leading biotechnology company that discovers, develops, manufactures and markets human pharmaceuticals for significant unmet medical needs. Thirteen of the approved products of biotechnology stem from Genentech science. Genentech markets eight products directly in the United States. The company has headquarters in South San Francisco, California and is traded on the New York Stock Exchange under the symbol DNA.
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