Genentech: Roche Bid Too Low

Genentech(DNA Quote) said Wednesday in a "friendly" letter that its special committee found that Roche's bid for complete ownership substantially undervalues the company.

The largest biotech company by market capitalization, known for its science-first corporate culture, also approved a broad-based employee retention program to protect its signature talent amid concerns sparked by Roche's advances.

Genentech shares have traded well above Roche's offer of $89 a share -- they opened at $97 on Wednesday -- as the Street has broadly expected the companies would arrive at a higher price. ...