Deals
Roche Says Illumina Bid Attractive as Competition Rises
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Roche Holding AG said its $5.7 billion hostile offer for Illumina Inc. is attractive because the maker of gene-mapping tools faces increasing competition that makes the U.S. company’s growth prospects less certain.
Prices for gene-sequencing machines are under pressure and governments are cutting funding for Illumina’s academic customers, so sales may not expand as quickly as the San Diego-based company has forecast, Roche said in a presentation to Illumina investors that it filed today with the Securities and Exchange Commission. Roche also today extended the $44.50 a share offer until 6 p.m. New York time on March 23 after failing to win over Illumina shareholders.