Roche won't be acquiring Genentech in the near future. Roche's bid to purchase the remaining public shares of the biotech company undermines the value of the company, Genentech's board of directors announced today (August 13).

Last month, Roche put in a bid to buy up the remaining 44% of Genentech's shares it does not already own for $89 a share. A special committee at Genentech said that it is rejecting this proposal, but will consider one that recognizes the company's true value.

"Roche continues to believe its proposal is fair and generous, and has no further comment at this time," a spokesman for the pharmaceutical company told Dow Jones Newswires today.

Roche's offer does not reflect Genentech's market performance: the biotech's stock was trading well over $98 this morning, the Wall Street Journal Health Blog reported.