After more than 5 months searching for a bidder, Geneva-based biotech company Serono is launching a search for acquisitions or a merger instead.
In November, when biopharmaceutical giants were considering taking over the company, its shares soared. But following this announcement, shares slipped, making it even less worth that before Serono announced it was for sale.
Analysts say the firm could seek a similar-sized partner in the consolidating European pharmaceuticals sector, possibly Germany’s Schwartz or Belgium-based UCB. According to Chief Financial Officer Stuart Grant, “acquisitions were most likely in oncology and auto-immune disease, the areas where the firm is currently strongest”, but that he would not rule out other areas.