On Junuary 30, 2009, Roche announced its intention to launch a tender offer for the remaining shares at a reduces price of USD86.50. The revised offer was contingent on Roche’s ability to obtain sufficient financing to purchase the shares. The announcement was accompanied by a 4 % price drop of Genentech’s share price to USD80.82. Bill Tanner, analyst at Leerink Swann, warned Genentech shareholder that the stock was overvalued and that if upcoming Genentech drug trials showed mediocre results then the stock would fall into the USD60 range. He encouraged shareholders to take the sure USD86.5 offer claiming that “DNA’s (the stock ticker symbol for Genentech) best days may be over.