Roche Holding AG: Funding the Genentech Acquisition

Darden Business Publishing Cases

ISSN: 2474-7890

Publication date: 20 January 2017


This case examines the decision by the Swiss pharmaceutical Roche Holding AG (Roche) to offer a record $42 billion bond in February 2009. In light of a pending acquisition of U.S. biotechnology leader, Genentech, Roche management planned to sell $32 billion in bonds at various maturities from 1 year to 30 years and in three different currencies (U.S. dollar, euro, and British pound). In a context of substantial uncertainty in both world financial markets and the value of the Genentech deal, students are introduced to the pricing of corporate bonds by being invited to price Roche's bold global offering.



Schill, M., Durick, B. and Chambers, D. (2017), "Roche Holding AG: Funding the Genentech Acquisition", Darden Business Publishing Cases.

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