Serono ends talks on selling company, calling bids too low

By E. Janene Geiss

Philadelphia, April 10 - Serono SA announced Monday that its controlling shareholder, the Bertarelli family, has terminated discussions concerning a sale of the company. The family has indicated that the offers it received did not adequately reflect the future prospects of the company.

"Moving forward, Serono will invest in its existing businesses and will actively pursue opportunities for growth through acquisitions," Ernesto Bertarelli, chief executive officer, said in a company news release.

To provide the company with the financing to pursue those alternatives, officials said, the board of directors will ask the annual shareholders meeting on April 25 to approve an increase in the authorized share capital of the company. The change will enable the board to obtain financing rapidly through the issuance of additional shares, officials said.

Serono is a Geneva, Switzerland, biotechnology company.

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