Novartis abandons Berna bid as Serono rumors heat up

Novartis' decision to publicly bow out of a bidding war for Berna Biotech is fueling rumors that the company preparing an even bigger bid for Serono. The announcement clears the way for Berna to proceed with an announced merger with Crucell, another Dutch company. Serono shares, meanwhile, surged on speculation that Novartis was assembling a cash and stock offer for Serono, which hired Goldman Sachs two months ago to explore various "strategic alternatives" for its business.

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