[August 21, 2008] Genentech retention plan to cost $371 million Tweet (Associated Press WorldStream Via Acquire Media NewsEdge) SOUTH SAN FRANCISCO, California_A Genentech employee retention plan announced along with its rejection of Roche's buyout offer will cost the biotechnology giant about $371 million. Genentech detailed the plan in documents filed Thursday with the Securities and Exchange Commission. According to the filing, the plan put in place to reassure employees concerned about the takeover bid will cost the South San Francisco company about 22 cents per share between 2008 and 2010. Genentech last week rejected Roche's offer to buy the remaining 44 percent of Genentech shares the Swiss pharmaceutical maker doesn't already own. A Genentech special committee told Roche that $89-per-share offer undervalued the company. Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. [ Back To TMCnet.com's Homepage ]