Swiss hope for phoenix from Merck Serono's ashes

摘要

One of Europe’s once-elite biotech companies, Merck Serono (formerly Serono), is closing its Geneva headquarters. Parent company Merck KGaA of Darmstadt, Germany, confirmed the closure on June 19 after the original announcement on April 24, five years after paying $13.3 billion for the Swiss biotech. Although restructuring was expected after Merck KGaA gave notice in February of a plan to “transform the company through a comprehensive efficiency program,” no one was prepared for Merck KGaA’s shuttering of the Geneva site. The decision is a setback for European biotech. The question is whether investors can capitalize on the local talent to spin out new projects from Merck Serono’s remnants.