Switzerland-based Serono, Europe's largest biotechnology group, disappointed investors when it announced the termination of discussions concerning the previously-announced sale of the firm (Marketletter November 21, 2005), and saw its share price plunge 8.2% to 846.00 Swiss francs in morning trading on the day of the announcement, April 10.
Geneva-headquartered Serono, which is 62% controlled by the Bertarelli family, indicated that the offers it had received "did not adequately reflect the future prospects" of the group.
Since it put up the "for-sale" notice, it is believed that several drug majors, including fellow Swiss firm Novartis, the UK's GlaxoSmithKline, France's Sanofi-Aventis and US giant Pfizer have considered buying Serono, but not matching the Swiss company's rumored price tag of $15.0 billion. Media reports have suggested that offers of nearer $12.0 billion have been made. GSK, which is interested in strengthening its position in the biological medicine sector, apparently pulled out of talks to buy Serono in mid-March.
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