BioCentury
ARTICLE | Finance

Avastin's tender mercies

April 27, 2009 7:00 AM UTC

The negative outcome of Genentech Inc.'s adjuvant colorectal trial of Avastin bevacizumab was a nice illustration of why investors and companies do expected value calculations - and why investors were happy to tender their Genentech shares to Roche for $95 a share last month.

Buysiders and both companies had put the trial's chances of success at anywhere from 50/50 to 60/40, with potential to have moved Genentech's price from as low as $70 to as high as $120...