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news.Genentech has received a request from the US Federal Trade Commission for additional information related to its $919 million takeover of US biotech company Tanox.
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The second request extends the waiting period imposed by the Hart-Scott-Rodino Act. The expiration of the waiting period is a condition of the acquisition. Genentech anticipates that the FTC’s review could extend beyond the first quarter of 2007, and the company expects the transaction to close within the first half of 2007.
Tanox stockholders voted to approve the merger on January 15, 2007.