Genentech (NYSE: DNA) is a biotech company focused on cancer treatments. Auto-immune drug Rituxan and cancer drugs Avastin and Herceptin are the company's best-selling drugs and account for more than half of revenue. The company has been number one in U.S. oncology sales since 2006.
On July 21, 2008, Swiss pharmaceutical company Roche offered to buy Genentech completely for $43.7 billion, or $89 per share. Roche already owns a 55 percent stake in the company. Genentech had rejected the first offer as too low, but on January 30, 2009, Roche submitted another bid, this time hostile. Roche offered shareholders $86.50 a share, down from the previous $89. (Read more at Wikinvest )