ARTICLE | Company News

Genentech, Roche deal

August 25, 2008 7:00 AM UTC

In an SEC filing, Genentech released details of a previously announced retention program to address employee concerns created by an offer from Roche to acquire the outstanding 44.1% of the company it does not already own. Genentech said the size of the program, which its special committee approved this month, is about $371 million in cash. The company said it would cover “substantially all employees” and will be offered in lieu of planned 2008 stock option grants (see BioCentury, July 28 & Aug. 18).

The plan includes a retention bonus of $8.7 million for Chairman and CEO Arthur Levinson, with bonuses for four other top executives ranging from $2.7 million to $4.6 million. ...