FTC Takes Deeper Look At $919M Biotech Merger

Law360, New York (January 29, 2007, 12:00 AM EST) -- The U.S. Federal Trade Commission has put the brakes on biotechnology giant Genentech Inc.’s proposed $919 million acquisition of Tanox Inc., demanding more information on the potential union before the deal proceeds.

On Monday, Genentech and Tanox revealed that the FTC had put in a so-called “second request” for information regarding the planned buyout.

“Genentech and Tanox continue to engage in active and productive discussions with the FTC and intend to cooperate fully with the FTC in its review of the proposed acquisition,” said the companies...
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