UPDATE 3-Roche CFO says Genentech debt talks on track

(Adds analyst comment)

By Deena Beasley

SAN FRANCISCO, Jan 12 (Reuters) - Roche Holding AG's_(ROG.VX) efforts to secure financing for its proposed takeover of Genentech Inc DNA.N are "absolutely on track," the Switzerland-based company's chief financial officer said on Monday.

CFO Erich Hunziker acknowledged that the deal, announced in July, "has started in a very complex environment," but noted that "after six months everything from our perspective is on track."

Hunziker, speaking at a JPMorgan healthcare conference, said Roche remains "fully committed" to the Genentech transaction.

Earlier on Monday, the company affirmed its dividend policy, dismissing talk that it might sacrifice payouts to help fund a sweetened offer for the 44 percent of the U.S. biotech giant it does not already own.

Roche shares slid 3.4 percent on worries over a Financial Times report late on Friday that the company was ready to scrap its dividend in order to boost its offer to Genentech shareholders.

Hunziker declined to comment on the report, which said Roche was preparing to offer $95 per share after Genentech rejected the $89-per-share offer made in July.

Some industry sources suggested that Basel-based Roche may be seeking to sell off some of Genentech's non-core assets in order to lessen the deal's overall debt burden. So-called "legacy products" like heart attack drug Activase or growth hormone Nutropin are not viewed as key to Genentech's future value.

But others said any sales would likely occur only after Roche completed the takeover. "A three-way negotiation would be very complicated ... It would be difficult to shop around assets they don't own yet," said Jason Kantor, an analyst at RBC Capital Markets.

Hunziker said Roche expected to rely on its eight core banks for loans to complete the Genentech deal.

The CFO also emphasized that Roche aims to retain Genentech's well-respected culture of entrepreneurship.

"We will not touch innovation, but there is a lot of synergies we can actually win in this market by bringing things together," he said. "The cuts we will do at the Roche side are much tougher than what we will do at the Genentech side."

Looking further ahead, Hunziker said Roche has assumed that "the global economy will go through a period of severe recession."

He said Roche remains optimistic given huge and growing demand for healthcare, aging populations, and increasing access to better healthcare.

"The bad news is there is not enough money around to finance this all around the globe. We expect severe pressure on all products in healthcare."

(Editing by Bernard Orr)