18 December 2006 09:08 [Source: ICIS news]
LONDON (ICIS news)--The European Commission (EC) on Monday approved the planned acquisition of Serono by Merck KGaA without any restrictions, the companies said.
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Serono said that following the closing of the agreement with its owners, the Bertarelli family, which remains planned for early January, Merck will make a public tender offer under Swiss law to the shareholders of Serono for 1,100 Swiss francs (Swfr) per share.
Merck KGaA said on 21 September that it had agreed to buy Swiss biopharmaceuticals company Serono in a deal valued at Swfr16.6bn ($13.6bn/€10.4bn).
German-based Merck KGaA said the acquisition will transform its ethical pharmaceuticals business and create a leader in biologic medicines. Serono’s top product is multiple sclerosis treatment Rebif.
The acquisition will create a company with biopharmaceuticals sales of €3.6m.
($1 = Swfr1.2/€0.76)
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