Genentech Buying Out Tanox: $919M Gets Xolair And More

Genentech Inc.'s planned takeover of Tanox Inc. for $20 per share, or $919 million - about $650 million net of cash - would end the royalty payout to Tanox on U.S. sales of the asthma drug Xolair from Genentech, which would also get the royalties Novartis AG has been providing Tanox as part of the companies' three-way deal. (BioWorld Today)