Four months after building a war chest for acquisitions, Swiss biotech company Serono said Wednesday it is conducting due diligence on its first potential target. After failing to sell itself earlier in the year, Serono announced plans to expand its portfolio of products by purchasing companies that either have products already FDA approved or near final approval. Serono basically is a one-trick pony. Half of Serono's revenue comes from Rebif, a treatment for muscular dystrophy. However, the market for MS treatments is crowded with three others from Elan, Teva and Schering. Unfortunately, the company gave no names or guidance as to whom it may be stalking. —Matthew Wurtzel
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