Genentech reported that sales of its cancer drug Avastin topped Wall Street estimates, even though third-quarter earnings fell short of analyst expectations because of higher costs.

Genentech said it would spend up to $371 million on retention bonuses to keep its employees from leaving because of the possible acquisition of the company by its majority shareowner, Roche.

The biotechnology giant Genentech turned down a buyout offer from its majority owner Roche, saying the $43.7 billion takeover bid undervalues the company.

Genentech said it had formed a special committee, consisting of its three independent board members, to consider a takeover bid from Roche Holding.

The Swiss drug maker Roche Holding said it was offering about $43.7 billion to acquire the 44 percent of Genentech that it did not already own.

The Swiss drug maker was seeking to acquire the 44 percent of Genentech that it does not already own.

The Swiss drug maker was seeking to acquire the 44 percent of Genentech that it does not already own.

Genentech reported higher-than-expected quarterly sales of its most important product, the cancer drug Avastin, and raised its earnings outlook for the year.

Avastin, which can cost as much as $100,000 a year, has become one of the most popular cancer drugs, but studies show it prolongs life by only a few months.

Avastin, which can cost as much as $100,000 a year, has become one of the most popular cancer drugs, but studies show it prolongs life by only a few months.