Roche Holding AG (ROG.VX) Chairman Franz Humer said Friday the company is confident it will have the financing available to fully take over biotechnology company Genentech Inc. (DNA), when it will be necessary.

Humer also said it was too early to say when the deal would be completed.

Faced with tight credit and capital markets, market participants have grown increasingly skeptical in recent months, whether Roche will manage to raise the estimated $30 billion to $35 billion to complete the deal.

Roche said earlier Friday it is launching a hostile bid to buy the 44% of shares in U.S. biotechnology company Genentech Inc. (DNA) that it doesn't already own. Roche also lowered the offer price to $86.50 a share from its original offer price of $89 a share.

Roche decided to go directly to shareholders because after seven months of discussion it had still been unable to come to an agreement with Genentech's special committee comprised of independent directors, Humer said.

Humer said he informed Charles Sanders, chairman of the committee and Genentech President Arthur Levinson, of Roche's plan a few hours ago. Sanders reacted positively to the move, saying that he understood Roche's position, Humer said.

Humer said he's convinced that Genentech won't be losing key people, such as scientists, as a result of having moved to a hostile bid.

"I don't think we risk losing some of the good people," he told reporters on a conference call.

Humer also said that Roche's decision to address shareholders directly wasn't influenced by any outside events, such as the recently announced takeover of Wyeth (WYE) by Pfizer Inc. (PFE), or the expected publication of key data on cancer drug Avastin.

Avastin was developed by Genentech, which sells it in the U.S., while Roche has the right to sell the drug in other markets, including Europe.

Company Web sites: www.roche.com

                      www.genentech.com

-By Anita Greil, Dow Jones Newswires; +41 43 443 8044 ; anita.greil@dowjones.com

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