Roche Says Illumina Bid is 'Off the Table'

ZURICH--Swiss drug maker Roche Holding AG (ROG.VX) is not considering another takeover bid for U.S. gene-sequencing company Illumina (ILMN), Chairman Franz Humer was quoted as saying Sunday in a newspaper interview.

"Illumina is definitely off the table. Our counterpart wasn't ready to move from their totally unrealistic price expectation. Roche doesn't do acquisitions that don't create value," Mr. Humer was quoted as saying in the SonntagsZeitung.

"Illumina was a "nice to have" for us, not a "must have." There are other alternatives to get access to gene-sequencing technology, that doesn't worry me," Mr. Humer said, without elaborating.

Roche approached Illumina of San Diego, California, last year with an unsolicited $6.8 billion offer that was repeatedly rebuffed by Illumina saying the price was too low. Roche eventually dropped the bid in April, but a newspaper in December reported the Basel-based pharmaceutical giant could be preparing a fresh bid.

By acquiring Illumina, Roche wanted to expand its offering of personalized medicines, a booming health care segment. Some of the world's biggest pharmaceutical companies are vying to enter the space, which allows matching treatments to those patients who would benefit the most from them.

In the interview, Mr. Humer was also quoted as saying that Roche Chief Executive Severin Schwan will not succeed him as company chairman. Mr. Schwan stands for election to Roche's board of directors in the spring.

Write to Marta Falconi at [e-mail]

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