Serono planning to raise $1 billion

Serono (SWX:SEO) is planning a global public offering of $2 billion in stock, half of which will be new shares issued by SEO. The remaining shares will be sold by SEO's controlling shareholder, the Bertarelli family. The SEO shares will be sold as bearer shares or American Depositary Shares. Following the transaction, the Bertarelli family will own just over 50 percent of SEO, down from 70 percent, and will have 66 percent of the board votes.

Andrew Galazka, senior vice president of scientific affairs and investor relations at SEO, told BioCentury that the company has been told for some time that its stock is unattractive to investors because of the majority holding by the Bertarelli family. Additionally, SEO would like to have the company included in the SMI, an index of the top 25 companies on the Swiss Exchange. However, the criteria for inclusion in the index demands a specific level of free floating shares, which the company will now meet. ...