Roche snaps up rest of Genentech

Roche Holding AG, the world's biggest maker of cancer drugs, agreed to buy the rest of partner Genentech Inc after raising its offer to $95 a share, valuing the acquisition at $46.8 billion.

The deal ends a nearly 8-month battle, adding 9.8 percent to Roche's lowest offer for South San Francisco, California-based Genentech. Roche expects the takeover to add to its earnings in the first year after completion, the Basel, Switzerland-based company said yesterday in an e-mailed statement. The latest offer is 3 percent more than Genentech's closing share price on Wednesday.

Full control will help Roche pare costs and boost income from the US company's cancer medicines as growth in the broader drug industry slows. The acquisition will also ensure access to Genentech labs after an existing accord ends in 2015. The purchase was approved by a special committee set up by Genentech's board to evaluate Roche's offer.