Serono Falls As Buyers Fail to Materalize MOVERS MARKETPLACE By Bloomberg

Shares of Serono, the largest European biotechnology company, recorded their biggest decline in three years Tuesday on reports that the Swiss company had failed to attract any bidders and might have to lower its sale price.

The stock fell 100 Swiss francs to close at 975 francs, or $770

Serono may have to lower its asking price of about $15 billion in cash after a Jan. 20 deadline passed without any offers, the Wall Street Journal reported. A Serono spokeswoman, Benedicte Bogh, declined to comment on the report. Serono, based in Geneva, said in November that it had hired Goldman Sachs Group to explore “alternatives,” without being more specific.

“We are skeptical about Serono and its future growth potential,” said Daniele Scilingo, a fund manager at Pictet.

“A drug maker would only make an acquisition to get growth drivers and a pipeline, and Rebif is threatened from every side.” Serono shares rose after the announcement on speculation that drug makers like Novartis, Pfizer and GlaxoSmithKline were interested in acquiring Serono for its best-selling product, the multiple sclerosis treatment Rebif.

Serono shares began to fall last week as the prospects for a Novartis bid faded. Daniel Vasella, chief executive of Novartis, said then that the likelihood of a large acquisition was “very small.” He declined to comment specifically on Serono. Rebif sales rose 20 percent in the third quarter to $316 million, and the drug is expected to become the leading treatment for MS next year. Pfizer helps market Rebif in the United States.

In addition to Rebif, Serono’s fastest-growing products are the psoriasis medicine Raptiva, the ovulation hormone Ovidrel, the ovulation control hormone Cetrotide, the progesterone gel Crinone and the growth hormone Saizen, which together accounted for 11 percent of the company’s third-quarter sales.

Analysts have said that Serono’s fertility business faces price pressure from Akzo Nobel’s Organon unit.