No Takers for Serono

The biotech company's stock drops more than 10%.
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Swiss biotech firm

Serono

(SRA)

has yet to convince a suitor that it's worthy of being acquired, according to a published report Tuesday.

The Wall Street Journal

reported that a number of drugmakers who had considered buying Serono didn't submit any offers by the deadline of last Friday. The report cited people who had knowledge of the situation.

Serono trades in the U.S. by way of an American depositary receipt that's listed on the

New York Stock Exchange

. Lately, the ADRs were dropping $2.24, or 10.5%, to $19.05.

Pfizer

(PFE) - Get Report

,

GlaxoSmithKline

(GSK) - Get Report

and

Novartis

(NVS) - Get Report

were said to have expressed interest in Serono, which announced last November that it had hired Goldman Sachs as an adviser to help it consider strategic options.

Serono's biggest product is Rebif, a multiple sclerosis drug that accounted for more than 40% of its total revenue in 2004.