Genentech Reviews Roche Takeover Bid

Genentech Inc. said late Thursday it won't act on Roche Group AG's $89-a-share takeover bid until the deal is evaluated by a special committee of three members of its board.

In a signal that the deal with Roche was not inevitable, Genentech in a statement said neither it nor the special committee has "any obligation" to agree to a transaction with Roche, nor to agree to any specific process or price based on the assessment of investment banks.

"The special committee intends to proceed in a timely manner to review the Roche proposal which was both unsolicited ...