Genentech board committee reviewing Roche offer

LOS ANGELES, July 24 (Reuters) - Genentech Inc (DNA.N: Quote, Profile, Research, Stock Buzz) said it has formed a special committee composed of its three independent directors to assess the proposal from Roche AG (ROG.VX: Quote, Profile, Research, Stock Buzz) to acquire the shares of Genentech it does not already own.

The special committee members are Herbert Boyer, Debra Reed and Charles Sanders, Genentech said on Thursday.

"The special committee intends to proceed in a timely manner to review the Roche proposal, which was both unsolicited and unexpected. The outcome of this process has not been predetermined, and there can be no assurance that the special committee will approve any transaction with Roche," Sanders said in a statement. (Reporting by Deena Beasley; Editing by Tim Dobbyn)