Roche (RHHBY) CEO Schwan Doesn't Comment on Illumina (ILMN) Interest, But Bid Seen Unlikely
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Illumina Inc. (Nasdaq: ILMN) is bouncing higher today following a 6 percent drop Monday on speculation that Roche (OTCBB: RHHBY) will no longer be looking to acquire the biotech.
Roche, which reported a 15 percent increase in quarterly sales earlier, dropped a $6.7 billion bid for Illumina last April. CEO Severin Schwan declined to comment on market chatter during the company's conference call.
Bloomberg noted that Roche might still be interested in gaining gene sequencing technology via an acquisition. Roche could benefit from Illumina's machines, which allow for full transcription of a person's DNA, key to creating solutions to cure rare diseases.
Earlier in October, Illumina was on the rise again following speculation of a higher bid from Roche to the tune of $60 per share. No sources were cited by the Times of London in its report.
Illumina shares are about 2 percent higher Tuesday while Roche is also up on the session.
Roche, which reported a 15 percent increase in quarterly sales earlier, dropped a $6.7 billion bid for Illumina last April. CEO Severin Schwan declined to comment on market chatter during the company's conference call.
Bloomberg noted that Roche might still be interested in gaining gene sequencing technology via an acquisition. Roche could benefit from Illumina's machines, which allow for full transcription of a person's DNA, key to creating solutions to cure rare diseases.
Earlier in October, Illumina was on the rise again following speculation of a higher bid from Roche to the tune of $60 per share. No sources were cited by the Times of London in its report.
Illumina shares are about 2 percent higher Tuesday while Roche is also up on the session.
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