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Serono Ends Strategic Review

Serono Ends Strategic Review

It didn't see a high-enough bid.
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It didn't see a high-enough bid.

The family that controls

Serono

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is no longer interested in selling the Swiss drugmaker, after its financial advisers failed to drum up a high-enough price.

The Bertarelli family terminated discussions concerning a sale, saying "the offers it received did not adequately reflect the future prospects of the company," according to a Serono statement.

In November, Serono announced that it hired Goldman Sachs to help explore strategic options, lifting its stock from below $17 to above $21 earlier this year. In premarket trading Monday, the shares slid $1.87, or 10.6%, to $15.77.

The company said Monday it will take a different tack in maximizing value.

"Moving forward, Serono will invest in its existing businesses and will actively pursue opportunities for growth through acquisitions," said CEO Ernesto Bertarelli.