February 24, 2009 (FinancialWire) -- A special committee of Genentech, Inc.'s (NYSE: DNA) board has unanimously recommended that shareholders reject a unilateral tender offer from Roche to acquire all of the outstanding shares of Genentech not owned by Roche for $86.50 cash per share.

The special committee, after a thorough review with its independent financial and legal advisors, said it determined that the offer "was inadequate and not in the best interests of stockholders, other than Roche and its affiliates."

Charles Sanders, the chairman of the special committee said, "Genentech's strong projected financial performance implies a valuation substantially in excess of Roche's offer price."

South San Francisco, California-based Genentech is a biotechnology company that discovers, develops, manufactures and commercializes medicines.

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