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Roche To Close Palo Alto Office Amid Genentech Bid

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Sep 4, 2008 4:51 pm US/Pacific

Roche To Close Palo Alto Office Amid Genentech Bid

Genentech: Latest Quote & News

PALO ALTO (AP) ―

Click to enlarge 1 of 1: A building on the Genentech South San Francisco campus.
Justin Sullivan/Getty Images

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Swiss drug maker Roche is planning to shutter its 1,000-worker Palo Alto research lab as it pursues its takeover bid for Genentech Inc.

A Roche Palo Alto spokeswoman said the 1-million-square-foot facility's inflammation research unit will move to Nutley, N.J., Roche's current U.S. headquarters.

The company expects to move its Palo Alto virology operations to Genentech's nearby South San Francisco campus, though the unit would remain separate from the biotechnology giant.

Spokeswoman Jacqueline Wallach said the timing of the closure, which would force some job losses, depends on a deal with Genentech.

Roche already owns nearly 56 percent of Genentech, which last month rejected Roche's $43.7 billion buyout offer but said it was open to a higher bid.