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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; [email protected]

Stock News for Illumina (ILMN)
DateTimeHeadline
01/17/201706:30:00Illumina to Announce Fourth Quarter and Fiscal Year 2016 Financial...
01/12/201708:00:00Illumina, NRGene Collaborate to Accelerate Development of New...
01/11/201716:03:39Current Report Filing (8-k)
01/09/201719:10:00IMPORTANT INVESTOR ALERT: Goldberg Law PC Announces Securities...
01/09/201717:35:00Illumina and Bio-Rad Launch Solution for Single-Cell Genomic...
01/09/201717:30:00Illumina Introduces the NovaSeq Series—a New Architecture Designed t...
01/09/201709:00:00IBM and Illumina Partner to Standardize Genomic Data Interpretation
01/09/201708:45:00Philips and Illumina join forces to offer integrated genomics...
01/05/201716:05:00GRAIL Plans to Raise in Excess of $1B in Series B Funding
01/04/201710:22:00Leading Genetic Testing Companies Join Forces to Launch the Coalition...
01/03/201709:00:00Illumina Taps Garret Hampton, One of the World’s Leading Clinical G...
12/28/201622:00:00INVESTOR ALERT: Brower Piven Encourages Shareholders Who Have...
12/27/201615:03:00ILMN LOSS NOTICE: Rosen Law Firm Reminds Illumina, Inc. Investors...
12/27/201606:30:00Illumina to Webcast Live Presentation at the J.P. Morgan Annual...
12/23/201615:22:00SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors...
12/20/201614:11:00SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On...
12/20/201614:02:00The Law Offices of Howard G. Smith Announces the Filing of a...
12/20/201609:00:00Illumina Names Jonathan Seaton as Senior Vice President for Corporate...
12/19/201621:23:00IMPORTANT INVESTOR ALERT: Khang & Khang LLP Announces Securities...
12/19/201616:30:00EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class...

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