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| Roche to make $5.7bn bid for DNA firm Illumina | Roche to make $5.7bn bid for DNA firm Illumina |
| (about 2 hours later) | |
| Swiss drugmaker Roche has said it plans to make an offer of $5.7bn (£3.7bn) for DNA research company Illumina. | Swiss drugmaker Roche has said it plans to make an offer of $5.7bn (£3.7bn) for DNA research company Illumina. |
| The offer of $44.50 a share represents an 18% premium over the closing price of Illumina shares on Tuesday. | The offer of $44.50 a share represents an 18% premium over the closing price of Illumina shares on Tuesday. |
| Roche said the deal would help it meet the growing demand for genetic solutions and speed up the use of DNA research in routine medical diagnosis. | Roche said the deal would help it meet the growing demand for genetic solutions and speed up the use of DNA research in routine medical diagnosis. |
| The firm said it expected Illumina shareholders to "welcome the opportunity" to sell their shares. | The firm said it expected Illumina shareholders to "welcome the opportunity" to sell their shares. |
| Roche added that it had tried to negotiate a deal but that Illumina had been unwilling to participate in "substantive discussions". | Roche added that it had tried to negotiate a deal but that Illumina had been unwilling to participate in "substantive discussions". |
| "Roche's all cash offer represents full and fair value for Illumina," said the firm's chief executive Severin Schwan. | "Roche's all cash offer represents full and fair value for Illumina," said the firm's chief executive Severin Schwan. |
| "It is our strong preference to enter into a negotiated transaction, and we remain willing to engage in a constructive dialogue to jointly develop an optimal strategy for maximising the value of combined business." | "It is our strong preference to enter into a negotiated transaction, and we remain willing to engage in a constructive dialogue to jointly develop an optimal strategy for maximising the value of combined business." |
| Separately, rival Swiss pharmaceutical company Novartis reported a slump in fourth quarter profits of almost a half. | |
| Net income between October and December was $1.2bn, a drop of 47% on the $2.3bn the firm made a year earlier. | |
| The company attributed the drop to exceptional costs, including production problems and the ending of some clinical trials, and the strength of the Swiss franc and US dollar. |