In the more than two years following Roche Holding Ltd.'s extension of its option to buy the 33 percent of Genentech Inc. it does not own, GNE has been challenged to make clear how any of its moves to strengthen its revenues, EPS or pipeline could budge the stock over the $60 ceiling set by the put option that shareholders have on the stock.

A conversation with the company makes clear that GNE hopes shareholders never exercise their put, and that Roche never exercises its $82.50 call option, at which point GNE's steps to remain an attractive investment would come into play.