ARTICLE | Finance

Ebb & Flow

August 18, 2008 7:00 AM UTC

Investors reached new heights of optimism after a special committee of three independent Genentech board members rejected Roche’s offer to buy the 44.1% of the biotech it doesn’t own for $89 a share, or $43.7 billion. Genentech (NYSE:DNA) closed Friday at $98.23, approaching its all-time high close of $98.94 on Nov. 21, 2005.

The company’s market cap is now $103 billion...