Altana and Serono on the lookout for possible mergers

European pharmaceutical firms Altana and Serono are looking for potential suitors, after both firms had suffered poor years.

Serono, Europe’s largest biotech company, hinted that it was seeking a buyout or merger at the beginning of November. The company hired Goldman Sachs Group to pursue “strategic alternatives” for the firm.

Serono has suffered from recurrent new drug developmental failures, and relies on its multiple sclerosis treatment Rebif for much of its sales. The company has failed to bring many new drugs to the market.

“There can be no assurances that any transaction will be consummated,” the firm said in a statement.

Meanwhile, Atlanta has refused to rule out looking for a partner in its business, which has also been hit by developmental failures.

The company had pulled its European drug submission for smoker’s lung and asthma drug Daxas. The firm said it would pursue further clinical trials before repeating the submission.

The decision left analysts pessimistic to Atlanta’s sale chances. Carsten Kunold of Merck Finck told Reuters: “This is clearly bad news, and significantly worsens the prospects of a pharma unit sale.”

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