Serono's 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 adding, "I take this opportunity to thank our employees for their loyalty and commitment to Serono."
As previously announced, to provide the Company with the financing capacity to pursue such alternatives, the Board of Directors will propose to the forthcoming annual Shareholders meeting on April 25, 2006 an increase in the authorized share capital of the company. As and when required, the authorized share capital will enable the Board of Directors to obtain financing rapidly through the issuance of additional shares, stated a release.