Genentech’s strong third-quarter results have led to analyst predictions that Roche will increase its bid to buy up the biotech company.

Net income for Genentech grew to $731 million, equivalent to 68 cents a share. This was up on the same quarter last year of $685 million, or 64 cents a share.

Meanwhile, revenue increased to $3.41 billion, up from $2.91 billion.

On the back of the news, the company’s share price jumped 3% at $81.67 yesterday afternoon.

The positive results have led analysts to predict that Roche, who has already attempted to acquire the biotech but was rejected, will increase its offer.

Bret Holley, an analyst for Oppenheimer & Co, said in a note to investors: “We do not see anything in the third quarter results that will disappoint Roche, and we believe this should increase the company’s resolve to complete an acquisition. We continue to believe that Roche will increase its offer to $102 to $110 a share.”

Other analysts did not believe the going offer would be quite that high, instead suggesting offers in the range of $96 to $98 per share were more likely.

Joel Sandek, an analyst with Lazard Capital Markets, said Roche was likely to increase its bid on the back of the positive results “but by a smaller degree given the current market conditions”.

In July, Roche put forward a bid of $89 per share to acquire the 44.1% of the biotech company it did not already own – equivalent to $43.7 billion.

Genentech rejected the bid in August, claiming the offer “substantially undervalues the company”, while analysts accused Roche of taking advantage of poor market conditions, with many saying they believed the company was worth in excess of $100 per share.

Despite the rejection, Genentech said it would still consider an offer if it recognised the value of the company and yesterday a Roche spokesman told Bloomberg.com that the company “remains committed to the transaction and aims to reach a negotiated agreement with Genentech”.