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February 2, 2009
Short Business Notes: Roche/Genentech, Sanofi-Aventis, GSK
The market definitely does not seem to think that Roche's offer for Genentech is going to go through at $86.50. Check out the stock action - note the immediate drop on the announcement of the offer, and the less-than-impressive recovery today. Everyone's waiting on new Avastin data, which (if strong) might allow Genentech to tell Roche to go away - or, at least, come up with a much higher offer, which in the current climate is the next best thing.
The Financial Times says that Sanofi-Aventis is looking to do a big acquisition of their own, not content, it seems, to watch Pfizer go down the chute alone. Thanks to the WSJ Health Blog for catching this one. More as we learn more, and I can't imagine that we're going to like what we hear - although, to be sure, they have managed to leave more research sites open, on the whole.
And GSK seems ready to announce more job cuts, but the UK papers seem to have this happening more in that country than anywhere else. No official word from the company, but it's definitely plausible.
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