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The Serono/Pfizer Rebif Co-Promotion: Just Act One?

Analysts generally expressed the view that Pfizer and Serono will both benefit from their agreement to co-promote the multiple sclerosis drug, Rebif. But some question whether the sales and marketing boost Pfizer will give the specialty drug justifies its $200 million upfront payment, or, for that matter, the estimated 35%-40% commission on sales that Serono will be required to pay Pfizer.

In March, shortly after the US launch of Serono SA 's multiple sclerosis treatment interferon beta-1a (Rebif) the company's chairman and CEO, Ernesto Bertarelli, dismissed rumors of a possible co-promotion with Pfizer Inc. So what changed between then and July 11th, when the two companies announced that they would indeed be joining forces to promote Rebif in the United States as part of a deal that netted Serono a $200 million up-front payment in exchange for an undisclosed percent of the drug's proceeds? [See Deal]

According to Serono VP and head of business development, Leon Bushara, the company did not look to line up a...

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