NEW YORK (Thomson Financial) – Shares of Genentech Inc. surged to their highest price in more than two years on Monday after the San Francisco-based biotechnology company confirmed its receipt of a buyout offer from Roche.

The shares jumped 14% to $93.09 on Monday on a volume of 8 million shares. The issue’s 30-day volume is 3.8 million shares. An intraday high of $94.19 represents the best price for the shares since January 2006.

Roche (other-otc: RHHBY.PK – news – people ), which currently owns 55.9% of Genentech (nyse: DNA – news – people ), offered to rest of the company’s stock that it doesn’t already own for $89 a share. The offer represents a 8.8% premium to the stock’s Friday closing price of $81.82.

Genentech said a special committee of its board composed of the independent directors will evaluate the proposal.

Ryan Vlastelica