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2008-09-12 |

Big pharma swallows biotech’s pride

The proposed acquisitions in July by Roche and Bristol Myers Squibb (BMS) for Genentech and ImClone, respectively, are the latest attempts by pharma to recapture the growth that defined its business for so long. Of the two, the offer by Roche, of Basel, is more shocking, both because of the size and because neither Wall Street nor Genentech saw it coming - CEO Art Levinson was told just hours before Roche made the offer public. Even Roche Chairman Franz Humer admitted the move comes ”out of the blue sky.”

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2008-09-12 |

Big pharma swallows biotech’s pride

The proposed acquisitions in July by Roche and Bristol Myers Squibb (BMS) for Genentech and ImClone, respectively, are the latest attempts by pharma to recapture the growth that defined its business for so long. Of the two, the offer by Roche, of Basel, is more shocking, both because of the size and because neither Wall Street nor Genentech saw it coming - CEO Art Levinson was told just hours before Roche made the offer public. Even Roche Chairman Franz Humer admitted the move comes ”out of the blue sky.”

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