Extended waiting period moves Genentech, Tanox merger close to third quarter

By Lisa Kerner

Charlotte, N.C., May 4 - Genentech, Inc.'s acquisition of Tanox, Inc. is now slated to close in the third quarter of 2007 due to a second request from the Federal Trade Commission and resulting extended Hart-Scott-Rodino waiting period, according to an 8-K filing with the Securities and Exchange Commission.

The original Nov. 9 agreement called for Genentech to acquire Tanox for $20 per share in a cash transaction valued at $919 million and expected to close in the first quarter of 2007.

The companies have collaborated with Novartis since 1996 to develop and commercialize Xolair, an anti-IgE monoclonal antibody as a treatment for patients with moderate-to-severe allergic asthma, a company news release stated.

Genentech is a South San Francisco, Calif., biotechnology company.

Tanox develops biotherapeutics in Houston.

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