Ares-Serono Unit In US Litigation Settlement

AUS federal court in New York has preliminarily approved a settlement of pending class action securities litigation arising out of Ares-Serono's 1994 tender offer for shares of InterPharm Laboratories.

Ernesto Bertarelli, chief executive of A-S said: "I'm pleased that the judge has preliminarily approved the settlement of the litigation. Such a settlement would benefit our affiliate, InterPharm, by putting an end to the friction between A-S and certain shareholders of Interpharm. The settlement agreement also gives shareholders who did not tender their shares in 1994 an opportunity to sell those shares."

A-S Denies All Liability As part of the settlement, A-S, which has denied all liability in the case and which had a motion to dismiss the case pending at the time of the settlement, will provide certain benefits to persons within the settlement class who do not seek to exclude themselves or who are otherwise eligible.