Genentech Inc. (DNA) is making its case directly to investors in fighting off an $86.50-a-share tender offer from majority shareholder Roche Holding AG (RHHBY)

At a meeting in New York, the South San Francisco, Calif.-based biotech giant contends its current operating plan will actually provide more value to shareholders than the Roche offer, which expires March 12. Though stressing shareholders will need to make their own decision, Genentech detailed its financial projections, pipeline strength and culture of innovative research.

"We believe we have the the potential to create significantly more value for shareholders due to the strength of our products, our pipeline, our people and our track record," said Arthur Levinson, chairman and chief executive of Genentech.

The meeting, which was recently moved up from March 20 in order to address investors before to the tender expiration, comes as Wall Street largely expects Roche's offer to fail to win shareholder support.

Not surprisingly, a committee of Genentech independent directors rejected that tender offer last week after turning down an earlier offer of $89 a share from Roche in July as "substantially" undervaluing the company. Since the summer, the two parties reached an impasse and disagreed on where to even begin negotiating - Roche stood by its initial offer, and Genentech's independent board proposed beginning at $112 a share.

Genentech shares recently fell 2% to $83.87.

As an overview, Levinson stressed that the company is on track to meet or exceed its long-term development goals, called "Horizon 2010", which include being the top seller of cancer drugs in the U.S., 25% annual growth in non-GAAP earnings per share, and getting 15 major new products or indications approved.

For the five years after that, Genentech expects 16% annual growth in non-GAAP earnings per share and exceeding $9 a share for 2015.

Levinson said that the company stands by those financial projections, in a reference to Roche's criticism of Genentech's financial models as overly optimistic.

"We welcome a debate on this anytime, anywhere and with anybody," he said.

He stressed Genentech's past performance, with revenue steadily growing from more than $1 billion in 1998 to more than $13 billion in 2008, along with 11 consecutive years of double-digit growth in non-GAAP earnings per share.

Other than financial metrics, Levinson stressed the science-based culture of Genentech and its ability to innovate, highlighting that the company had more biotech patents issued in 2007 than the next two organizations combined - the University of California and the U.S. government.

Despite the turmoil in the economy and the Roche tender offer, Levinson assured the audience that recruitment of top scientists remains strong.

In highlighting its development pipeline, Genentech stressed its planned move into infectious disease and neuroscience, presenting a recently published paper in Nature that provided a new theory about the cause of Alzheimer's disease.

The research provides new targets in treating the degenerative condition and Genentech disclosed its efforts to develop a "best in class" antibody to fight the disease.

-Thomas Gryta; Dow Jones Newswires; 201-938-2053; thomas.gryta@dowjones.com