Swiss pharmaceutical giant Roche Holding AG on Feb. 27 extended its $5.7 billion cash tender offer to acquire Illumina Inc., the San Diego-based maker of genetic analysis tools, to 6 p.m. Eastern time on Friday, March 23.
The $44.50-per-share offer was previously set to expire at the end of the day Friday, Feb. 24.
Roche did not increase its offer price; besides the new deadline, “all other terms and conditions of the offer remain unchanged,” the company said in a statement.
The extension was expected, according to Illumina. “An extremely low number of shares have been tendered, consistent with our view — and that of our stockholders — that Roche’s offer does not reflect Illumina’s unique leadership position, business performance and future prospects,” Illumina said in a Feb. 27 statement.
Approximately 102,165 shares had been tendered as of Feb. 24, Roche said.
Roche on Jan. 27 began its hostile takeover bid for Illumina. The deal would help give Roche a leadership position in personalized medicine and companion diagnostics.
Illumina’s board of directors unanimously rejected the bid Feb. 8, saying it is “grossly inadequate,” and fails to reflect the underlying value of Illumina’s assets, operations and growth prospects.
“The potential of our industry is enormous, with major new markets emerging in medical diagnostics, reproductive health and cancer management,” Illumina said Feb. 27.
Illumina shares trade on Nasdaq under the symbol ILMN. Shares closed at $51.40 Feb. 27.
— Kelly Quigley