Genentech Holds Out for Better Offer, Which Could Deliver a Boost to Biotech ETFs

Biotechnology stocks and exchange traded funds (ETFs) could get a shot in the arm, as Genentech (DNA) rejected a takeover bid from Roche, which they feel has undervalued the company. Roche, the Swiss pharmaceutical company, offered Genentech an initial bid of $43.7 billion, which was rejected. Roche already owns 55.9% of Genentech, reports Andrew Pollack for [...]