Roche Bids $5.7 Billion for Illumina Roche Holding late on Tuesday made a $5.7 billion hostile bid for Illumina, a provider of genetic analysis services, going directly to the company's shareholders after months of failed efforts to begin deal talks. The Swiss drug maker said that it would pay $44.50 a share in cash through a tender offer. That represents an 18 percent premium to Illumina's closing share price on Tuesday. It's also 63 percent higher than Illumina's closing price on Dec. 21, when Roche said market rumors about a potential offer began to arise. By buying Illumina, Roche is hoping to bolster its diagnostics business by adding one of the biggest players in genetic sequencing, a field that has gained prominence over the past decade. Roche has struck a number of deals for diagnostics companies, including its $3.4 billion takeover of Ventana Medical Systems in 2008. The 14-year-old Illumina, based in San Diego, is among a handful of players that is seeking to profit from a complete mapping of the human genome. But the company has faced a number of challenges, including increased competition and the prospect of decreased government funding. Its shares have dropped nearly 46 percent over the past 12 months, giving it a market value of $4.6 billion. Still, so far Roche has been stymied by Illumina's unwillingness to enter deal talks. Roche had sought to begin negotiations about six to eight weeks ago, according to a person briefed on the matter. Roche said that it planned to nominate director candidates and other corporate governance proposals that could give it control of Illumina's board. But Roche added that it would prefer to strike a consensual deal. Severin Schwan, Roche's chief executive, said in a statement: "Roche's all-cash offer of $44.50 per share represents full and fair value for Illumina and we expect that Illumina's shareholders will welcome the opportunity to sell their shares at a significant premium to current market prices." A representative for Illumina was not immediately available for comment. Roche plans to pay for the deal with a combination of cash on hand and new debt. The company said its offer was not conditioned on financing. Roche is being advised by Greenhill & Company, Citigroup and the law firm Davis Polk & Wardwell.