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Roche Criticizes Illumina's Apple Comparison

DOW JONES NEWSWIRES Swiss drug maker Roche Holding AG (ROG.VX, RHHBY) again urged Illumina Inc. (ILMN) shareholders to vote for its slate of board candidates and criticized the U.S. gene-sequencing company for comparing itself to Apple Inc. (AAPL), in Roche's latest move to stage a takeover. In a letter to Illumina shareholders Wednesday, Roche mocked Illumina for recently telling shareholders that the company has been called "the Apple of the genomics business." "There is one glaring difference between Illumina and Apple--Illumina's MiSeq and HiSeq are not the iPhone and the iPad," Roche wrote, saying Illumina's products serve a much smaller and highly regulated market compared with Apple's products. Roche noted "crowd control of eager buyers" has not been a problem for the company and "not even Illumina has projected any surge in revenues from its products in any specific foreseeable time period." Roche said Illumina has an uncertain future as a standalone company, but it is "willing to assume this risk." Last week Illumina rejected Roche's sweetened offer of $51 a share, saying the revised bid--which values the company at about $6.5 billion--was still inadequate and opportunistic. However, Roche Wednesday said its offer is "very attractive" and "a more than reasonable starting point for negotiations." Over the last week, three proxy-advisory firms have recommended that Illumina shareholders vote against Roche's board nominees. Ilumina shares slid by 13 cents to $52.44 after hours. The stock has gained 72% since the start of the year. -By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; nathalie.tadena@dowjones.com

Stock News for Illumina (ILMN)
DateTimeHeadline
02/03/201610:17:53Amended Statement of Ownership (sc 13g/a)
02/02/201618:40:00Illumina Posts 32% Decline in Profit
02/02/201616:36:32Current Report Filing (8-k)
02/02/201616:32:00Illumina Reports Financial Results for Fourth Quarter and Fiscal...
02/01/201616:42:40Current Report Filing (8-k)
02/01/201606:30:00Illumina Signs Multiple Biobank Deals
01/28/201618:11:12Statement of Changes in Beneficial Ownership (4)
01/28/201608:31:59Current Report Filing (8-k)
01/28/201606:30:00Illumina Appoints Dr. Frances Arnold to Its Board of Directors
01/21/201618:34:29Statement of Changes in Beneficial Ownership (4)
01/19/201606:30:00Illumina to Announce Fourth Quarter and Fiscal Year 2015 Financial...
01/14/201618:03:35Statement of Changes in Beneficial Ownership (4)
01/14/201612:04:17Current Report Filing (8-k)
01/11/201614:31:00Bio-Rad and Illumina to Co-Develop Comprehensive Solution for...
01/11/201614:29:00Illumina Extends Genomics Portfolio
01/10/201621:20:00Illumina Launches Firm to Pursue Gene-Based Cancer Blood Test
01/10/201617:29:00Illumina Forms New Company to Enable Early Cancer Detection via...
01/08/201616:05:00Illumina to Host Investor Call on Sunday, January 10, 2016
01/08/201608:32:00Illumina Files Patent Suit Against Premaitha's Customer in Poland
01/07/201616:05:00Illumina Files Two Patent Infringement Suits in Europe for Infringement...

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