NEW YORK (AP) -- Genentech's board of directors is close to striking a $95-per-share sale to cancer drug partner Roche, according to a report by the Wall Street Journal.Neither South San Francisco, Calif.-based Genentech nor Basel, Switzerland-based Roche would comment on the report, which cites unidentified sources familiar with the matter. The report follows Friday's increased hostile tender offer from the Swiss drugmaker.
Genentech shares rose on the report, adding $1.83 to $92.69.
On Friday, Roche increased its bid to $93 per share, or $45.7 billion, after its $86.50-per-share offer failed to pick up shareholder support. The companies have been tussling since July, when Genentech rejected a $89-per-share bid as too low.
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