Roche Sees No Reason To Raise Illumina Offer

Date : 04/12/2012 @ 10:46AM
Source : Dow Jones News
Stock : Illumina, Inc. (MM) (ILMN)
Quote : 203.09  0.0 (0.00%) @ 8:07AM

Roche Sees No Reason To Raise Illumina Offer

Illumina, Inc. (MM) (NASDAQ:ILMN)
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Swiss pharmaceutical giant Roche Holding AG (ROG.VX) Thursday said it sees "no reason whatsoever" to increase its offer for Illumina Inc. (ILMN) without entering talks with management at the U.S. gene-sequencing company.

"Our offer of $51 is a full and fair offer and extremely attractive to Illumina shareholders," said Chief Executive Severin Schwan, on a conference call with analysts.

Roche's preference remains for a negotiated deal with Illumina, Schwan said, but his company's approach has so far been rebuffed by Illumina's management, he added.

"There is no reason whatsoever to increase our offer unless we get into negotiations. So far this is not the case," Schwan said.

He was speaking as Roche, the world's biggest maker of cancer drugs, reported first-quarter sales of 11.03 billion Swiss francs ($12.09 billion), down 1% from a year earlier.

-By John Revill, Dow Jones Newswires; +41 43 443 8042; john.revill@dowjones.com

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