Genentech completes Tanox merger

Genentech completes Tanox merger

Sacramento Business Journal - 12:56 PM PDT Thursday, August 2, 2007

Genentech Inc. has completed the acquisition of Tanox Inc. The merger was approved on Jan. 15 and the waiting period expired Thursday.

Houston-based biotech Tanox (Nasdaq: TNOX) in November made a deal with South San Francisco-based Genentech (NYSE: DNA) to be purchased for $20 per share, or about $919 million.

Genentech, the world's second-largest biotech by sales, has a major manufacturing plant in Vacaville.

The two companies have together developed a drug called Xolair, an asthma treatment. The merger eliminates the royalties Genentech paid on the medication.