Important note: Information in this article was accurate in 2005. The state of the art may have changed since the publication date.
Important note: Information in this article was accurate in 2005. The state of the art may have changed since the publication date.
Reuters NewMedia - December 15, 2005
Under the settlement, first announced in October, the Swiss company agreed to pay $704 million to resolve charges that it illegally promoted the drug.
Serono said in April that it had taken a $725 million provision to cover the settlement and related costs. The company said that the provision, which was recorded as an exceptional charge in the first quarter, is sufficient to cover the settlements and related costs that will be paid in 2005.
Serono, the world's No. 3 biotech company, announced last month that it had hired investment bank Goldman Sachs Group to explore strategic alternatives.
Sources told Reuters earlier this month that Goldman is asking for binding bids in a potential $15 billion auction for the company by early next year.
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