Roche raises hostile bid for US Illumina

Roche raises hostile bid for US Illumina

Swiss pharmaceutical giant Roche on Thursday raised its hostile bid for US gene mapper Illumina to $51 a share, up 15 percent from its previous offer price of $44.50 per share.

“Based on our discussions with Illumina shareholders we have seen interest to accelerate the takeover process. As a result, we are increasing our offer price to $51.00 per share,” said Roche chief executive Severin Schwan.

The Basel-based giant launched its bid — previously estimated at $5.7 billion — for Illumina on January 25th.

But the US provider of integrated systems for DNA sequencing, had opposed the hostile move saying Roche’s offer price was too low and “does not reflect Illumina’s unique leadership position, business performance and future prospects.”

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