Goldman cements position as top M&A adviser
Genentech has brought in Goldman Sachs to advise its board on a $41.3bn (€26.1bn) bid from pharmaceutical giant Roche, extending the US bank’s already considerable lead at the top of the global mergers and acquisitions league table.
Goldman Sachs is advising Genentech’s board directors on the bid from Roche, which will extend the US investment bank’s position at the top of the global M&A table to more than $170bn, and mean it has had a role on nine out of the 10 largest deals announced so far this year.
The bank has worked on deals worth $593bn this year, according to Thomson Reuters, $134bn more than second-placed JP Morgan. The Genentech mandate will increase Goldman's lead to $175n.
Roche has awarded Greenhill the mandate to advise it on the deal, which is the second largest announced in the world so far this year after InBev’s $52bn acquisition of rival brewer Anheuser-Busch.
Goldman Sachs worked as the lead adviser to Anheuser-Busch on the deal and has had a role on nine out of the 10 largest M&A deals announced in the world so far this year, last week picking up the mandate to advise German tire manufacturer Continental on a €11.3bn ($18bn) bid from ball bearing maker Schaeffler Group.
The Genentech mandate replicates Goldman Sachs’ role nine years ago when, along with Lehman Brothers and Morgan Stanley, it advised the company on Roche’s exercise of an option to purchase a further 35% stake in it.
Roche has owned a stake in Genentech since 1990, but has until now been happy to maintain its holding at 55.9%.
Goldman Sachs declined to comment.
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