GlaxoSmithKline in line to bag bargain Serano

After the auction for the Swiss firm Serano failed to find a buyer at the $15 billion asking price, GlaxoSmithKline (GSK) is reported to be considering a cut price offer.

Pfizer, Novartis and GSK were all in the running to buy Serano but GSK could now move in and take the company for $12 billion.

The closing date for the auction for Serano passed on January 20th without any firm offers, but the interested companies are thought to still be in negotiations.

GSK is seen as the favourite to buy the company as it has a relatively low presence in biotechnology.

Novartis was initially favourite to buy fellow Swiss firm Serano but Novartis chief executive Daniel Vasella recently stated that the company was being cautious about takeovers and had moved away from a deal to buy Berna Biotech.

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