The pharmaceutical sector continues to consolidate with the news today that Swiss-owned Roche is to acquire 100 percent ownership of US biotechnology company Genentech, best known for its cancer drugs. Roche has been the majority owner of Genentech since 1990, with its stake before this deal standing at 55.9 percent. This agreement brings to an end a period of eight months of negotiations. Roche launched its proposal at $89 a share last July, but the independent Genentech board considered it too low.
