Roche has raised its takeover offer for Genentech ( DNA) to $93 a share, the drugmaker announced Friday.

"Based on conversations with Genentech shareholders, we believe that there is a strong sentiment to bring this process to a conclusion. As a result, we are increasing our price to US$93 per share to maximize shareholder participation and will proceed quickly to complete all necessary financing. We now look forward to successfully completing the transaction," said Roche Chairman Franz Humer, in a statement.

Roche's previous offer for the remaining 44% stake in Genentech it doesn't already own was $86.50 a share, which Genentech's board had deemed too low. The original Roche takeover offer in July was $89 a share.

Genentech shares were up 9.5% at $89.37 in recent trading. The stock's 52-week high is $99.14.
At the time of publication, Feuerstein's Biotech Select model portfolio was long Genentech.

Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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