Catch a Falling Star

 
• By Chris Morrison

Serono's €104.7 cash offer for France's Genset came just in time for the cash-strapped genomics play, once the star of French biotech. Critics claim Serono's 195% premium for an almost-bankrupt company is nothing short of crazy, but Serono reckons it's spotted an unexploited asset.

At first sight, it may look odd for Merck Serono SA to be shelling out €104.7 million ($103 million)—cash—for downtrodden Genset SA . Serono is paying €9.75 per share of Genset and buying out Genset's convertible bonds at a 389% premium [See Deal].

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