Roche Makes Hostile Bid for Illumina

Swiss-based Roche Holding AG offered roughly $5.7 billion in cash for San Diego biotech Illumina early Wednesday (Jan. 25). Roche said it would pay $44.50 a share for Illumina, 18% more than its closing price Tuesday. Roche said Illumina was "unwilling to participate in substantive discussions." According to Bloomberg News, Roche, the world's largest maker of cancer drugs, would add technology for reading the genetic makeup of tumors.

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Illumina executives taking poison pills in the photo.

Great line, Ponzi. In early U.S. trading this morning, Illumina stock shot well above the $44.50 a share offered by Roche. Roche's CEO was asked if the company would increase the takeover bid. He said he would not. Last I looked, Illumina stock was back around the takeover offer of $44.50. Best, Don Bauder

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