Serono Acquisition Strategy May Speed Entry Into Oncology
Executive Summary
Serono's strategic shift from seller to buyer may lead the Swiss biotech company into the oncology sector, CFO Stuart Grant said during a first quarter sales and earnings call April 20
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Swiss-based biotech Serono confirms Nov. 8 that it has retained Goldman Sachs to "explore various strategic alternatives for the company." Merger talks have been held with Novartis, GlaxoSmithKline, Sanofi-Aventis and Pfizer, the Wall Street Journal reported Nov. 9. On Oct. 17, the firm agreed to a $704 mil. settlement with the U.S. Department of Justice over promotions of the AIDS wasting agent Serostim, marking the largest penalty ever paid by a pharmaceutical manufacturer to resolve civil and criminal investigations into off-label marketing (1"The Pink Sheet" Oct. 24, 2005, p. 10)...