Serono Still tied up

Has Serono’s Ernesto Bertarelli decided to sail off in the sunset with a boatload of cash? The chief executive of Europe’s largest biotech company has effectively put his family’s group on the block after appointing Goldman Sachs as a strategic advisor. True, Serono looks relatively cheap at 16 times estimated 2006 earnings. And Bertarelli has some good reasons to sell. Big pharma groups are becoming more interested in the protein drugs that are Serono’s speciality. And they are hungry for grow...