Monday, Jul 19, 1999
South San Francisco, Calif. -- July 19, 1999 --Genentech, Inc. (NYSE: DNA) announced the offering of 20 million shares of its Common Stock in a public offering by Roche Holdings, Inc. (Roche), which currently owns all of Genentech's outstanding shares. The Genentech Common Stock is being offered to the public at a price of $97 per share and is expected to trade on the New York Stock Exchange beginning tomorrow, July 20. The company will trade under the symbol, DNA.
The underwriters of the offering have an option to purchase an additional two million shares of Common Stock to cover over-allotments. If this option is not exercised, the net proceeds to Roche from the offering are estimated to be approximately $1.9 billion, and, after completion of the offering, Roche will own approximately 84.3 percent of Genentech's Common Stock. If the underwriters purchase the additional shares, Roche will own approximately 82.7 percent of Genentech's Common Stock. Genentech will not receive any of the net proceeds from the offering. The closing of this transaction is expected to occur on Friday, July 23, 1999.
J.P. Morgan & Co. is acting as lead manager for the offering. Goldman, Sachs & Co., Merrill Lynch & Co., Warburg Dillon Read LLC and BancBoston Robertson Stephens are acting as 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.
Genentech, Inc. is a leading biotechnology company that discovers, develops, manufactures and markets human pharmaceuticals for significant unmet medical needs. Twelve of the approved products of biotechnology stem from Genentech science. Genentech markets seven biotechnology products directly in the United States. The company has headquarters in South San Francisco, California.
# # #