When Roche (SIX:ROG; OTCQX:RHHBY) announced its intention to acquire Genentech Inc. in July 2008, the pharma had four in-house inflammation/immunology programs in the clinic and the biotech had three. As of April 2012, Roche had discontinued all four of its programs and initiated three new Phase I programs. In contrast, Genentech advanced all three of its programs into Phase II