Roche lowers Genentech bid, goes hostile

Roche of Switzerland, said it's now offering $86.50 in cash per Genentech share, down from the $89 it had tabled in the summer. Roche already owns 56% of the South San Francisco biotech, making the bid worth about $42.5 billion. A special committee representing Genentech spurned the Roche offer back in August.