M&A deals of the year
WINNER: Roche/Genentech
In March last year, Swiss pharmaceutical leader Roche successfully completed a $46.8 billion acquisition of Genentech, a biotechnology company based in San Francisco. The deal is the largest-ever completed going-private transaction and it ended Roche’s eight-month battle to acquire the final 44% of the target that it desired.
Negotiations began in July 2008 and Roche was immediately on the back foot as a group of shareholders in Genentech launched a law suit to block any potential deal. The trenches were dug and the legal teams were at the forefront of the hard fought battle that impressed peers greatly.
Davis Polk & Wardwell was US lead counsel to Roche. Homburger provided Swiss advise to Roche regarding the financing of the transaction. Wilson Sonsini Goodrich & Rosati advised Genentech, with Latham & Watkins representing Genentech’s special committee. Skadden Arps Slate Meagher...