The challenge for Memory and Roche is to do everything we can to dedicate the right people and resources to our projects through the preclinical and clinical drug development cycle, to offer improved CNS medicines to patients.

Q What is it about your relationship with this partner that leads you to believe it’s better than merging? Hug We don't believe that mergers are what necessarily create value. A merger was not appropriate in this case. Our approach to innovation is based on the belief that bigger is not necessarily better. Mergers can stifle innovation, and our aim obviously is to allow it to flourish. We have such faith in Memory's capabilities that we believe a strategic approach is much better. This ensures that we keep its entrepreneurial spirit alive and allow the company to develop its own capabilities as is wishes. We are creating a high-growth environment in this way, and Roche benefits as Memory becomes more innovative. Memory gains excellent validation of its business model, and it is free to partner with other companies. That means that we, in turn, gain access to a wider hub of innovation.

Smith It is our policy not to comment on matters like this.