Genentech CEO sells 90,000 shares prior to Roche bid

NEW YORK, July 22 (Reuters) - If there was any doubt that Genentech Inc DNA.N was caught by surprise by Roche's (ROG.VX) move to acquire the remaining stake in the biotechnology giant it doesn't already own, one need only look at recent executive stock transactions.

Genentech Chairman and Chief Executive Arthur Levinson exercised options on a 1999 grant by selling some 90,000 Genentech shares on Friday, according to regulatory filings.

His profit could have been substantially larger had he held onto those shares for even one more trading day.

Genentech's stock rose 15 percent on Monday after Roche Holding AG announced its intentions, and industry analysts believe the Swiss drugmaker will have to substantially sweeten its offer of $89 per share. Shares have already surpassed $93.

In four transactions on Friday, Levinson sold the shares for prices ranging from $80.66 to $81.05 per share.

Genentech declined to comment on whether Levinson had to exercise the options by last Friday or if he could have made the move later this year.

"Our executives make independent decisions on when and how many of their stock options to exercise, in compliance with insider trading regulations and our own internal insider trading policies. We do not comment on the financial planning of our executives," Genentech said in a statement.

A Genentech spokeswoman said the company did not learn of Roche's offer until Sunday evening. (Reporting by Bill Berkrot and Kristina Cooke, editing by Phil Berlowitz)