NEW YORK (AP) -- A New York law firm has sued Roche Holding AG claiming the Swiss pharmaceutical company is offering too little in its takeover bid for Genentech Inc.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. said it filed suit on behalf of Genentech shareholders Wednesday in Delaware's Court of Chancery alleging Roche's $89 per share bid is "unfair and inadequate."
The South San Francisco biotech company's stock closed at $93.73 on Wednesday. Some Wall Street analysts have put its value at $100 per share or more.
Basel-based Roche's offer Monday for Genentech's remaining shares was 8.8 percent above the stock's Friday closing price. Genentech's three independent directors are still mulling the offer.
A Roche representative said the suit was "without any merit."