Serono withdraws from sale talks

Serono Pharmaceuticals, the global biotechnology company has announced that it is no longer up for sale.

In a statement made on Monday, the company said that the controlling interest, the Bertarelli family, is no longer looking to sell the pharmaceutical firm following the received offers not “reflecting the future prospects” of Serono.

“Serono will invest in its existing businesses and will actively pursue opportunities for growth through acquisitions,” said Ernesto Bertarelli, chief executive officer.

“I take this opportunity to thank our employees for their loyalty and commitment to Serono.”

The board will now present to shareholders proposals to issue additional shares to raise sufficient capital to allow the pursuance of the goals that the Bertarelli family has now set out.

Serono’s authorised share capital increase will be put to shareholders at the annual meeting on April 25th 2006.

According to the Independent, the company had a range of suitors, including AstraZeneca, Pfizer, Johnson & Johnson and Wyeth, but it was Swiss pharmaceutical giant Novartis that was believed to be the front-runner.

© Adfero Ltd