ZURICH: Shares in pharmaceutical group Roche rose after the Swiss giant announced an $8.3-billion takeover of US firm InterMune, boosting its role in the lung disease sector and reducing its reliance on cancer drugs.

With analysts saying that the high price paid by Roche for the California biotechnology company would be worthwhile eventually, the group’s stock rose by 0.38 percent to 262.25 Swiss francs (216.32 euros; $286.92) in Zurich.

The overall SMI index was meanwhile up by 0.5 percent.

Roche’s announcement of a $74-per-share deal with InterMune corresponded to a premium of 38 percent on the Californian firm’s Friday closing price, the Swiss group said.

“We are very pleased that we reached this agreement with InterMune. Our offer provides significant value to InterMune’s shareholders and this acquisition will complement Roche’s strengths in pulmonary therapy,” said Roche CEO Severin Schwan.