Roche CEO denies credit financing for acquisition

By IVCPOST Staff Reporter

Sep 19, 2013 11:09 PM EDT

Roche Holding AG would not raise any financing for an acquisition, according to Chief Executive Officer Severin Schwan. This was after a report that the Swiss drug manufacturer had been preparing to bid for BioMarin Pharmaceutical Inc.

Schwan declined to comment regarding the acquisition speculation for BioMarin during an interview today at Bloomberg's New York office. BioMarin surged around 10% in early trading after the DealReporter reported what was referred to as "rumors". BioMarin pared the gains after Schwan's statements.

The DealReporter said while citing sources that Roche had been lining up USD15 billion in credit-financing for the acquisition of BioMarin.

Debra Charlesworth, spokesperson for BioMarin Pharmaceuticals Inc. said in an email, "We don't comment on rumors."

Meanwhile, if a deal would push through between Roche Holding and BioMarin Pharmaceuticals, the latter could draw around USD500.7 million revenue to Roche. This was the same hefty revenue BioMarin got last year from medicines for diseases including mucopolysaccharidosis VI, or MPS VI.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics