Roche’s effort to clinch a buy-out of Genentech Inc. has moved to a new, critical stage--negotiations. But just how much can Roche afford to pay for the top-of-the-line biotech, which comes with A-list scientific talent, an extensive pipeline heavily weighted in the lucrative arena of oncology, and a price tag to match?
As expected, Genentech’s special committee of its board of directors officially rejected Roche’s initial $89-per-share bid on August 13, noting...