Thursday, Mar 23, 2000
South San Francisco, Calif. -- March 23, 2000 --Genentech, Inc. (NYSE: DNA) announced the offering of 17.3 million shares of its common stock in a public offering by Roche Holdings, Inc. (Roche). The Genentech common stock is being offered to the public at a price of $163 per share. The underwriters of the offering have an option to purchase an additional 1.7 million shares of common stock to cover over-allotments.
As a result of the offering, Roche's ownership of Genentech will be reduced to approximately 58 percent. If the over-allotment option is not exercised, Roche's ownership of Genentech will be approximately 59 percent. Genentech will not receive any of the net proceeds from the offering. The closing of this transaction is expected to occur on March 29, 2000.
J.P. Morgan & Co. is acting as lead manager for the offering. Goldman, Sachs & Co., Merrill Lynch & Co., Warburg Dillon Read LLC, Lehman Brothers, Inc., and Robertson Stephens are co-managers.
Copies of the prospectus relating to the offering may be obtained from J.P. Morgan & Co., 60 Wall Street, New York, New York 10260, Attention: Prospectus Department.
The public offering will be made by means of a prospectus. This notice does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sales of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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 seven 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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