Ares-Serono Buys GW Geneva R&D Center

27 November 1997

Ares-Serono has signed a letter of intent with Glaxo Wellcome to acquirethe latter's Geneva Biomedical Research Institute. Under the terms of the agreement, GW will retain certain projects and a small number of staff who will transfer from GBRI, while Ares-Serono will acquire all shares in the company and related assets, which include equipment and the infrastructure for a functional drug discovery unit.

The acquisition comes in the wake of GW's recent decision to close GBRI, and the company's worldwide research director Allan Baxter said GW was delighted that its staff in Geneva would be offered employment with Ares-Serono. The financial terms of the agreement were not disclosed and the acquisition is expected to be completed early in 1998.

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