Proceeds generated by Roche, the Swiss pharmaceutical group, have fallen by one percent to 11 billion francs in the first quarter compared to the same period of the previous year. The reason for this were the mounting pressure on prices for medications in Western Europe as well as the strong franc.
In view of the planned takeover of Illumina, Roche believes there is currently no need for further action. "We are still convinced that our price offer of 51 dollars per share, based on all public information available to us and various financial bases of assessment, is fair and highly attractive," says Chief Executive Officer Schwan. In the meantime, Illumina’s management has declined Roche’s offer of 6.7 billion dollars as insufficient and has so far refused to negotiate with Roche. The offer expires on April 20th.
[ilink url=“http://www.roche.com/investors/ir_update/inv-update-2012-04-12.htm“] link to source (Roche)[/ilink]