Serono's Board of Directors to Propose an Increase in Authorized Share Capital to the Forthcoming Annual Shareholders' Meeting
March 31 2006 - 1:02AM
PR Newswire (US)
GENEVA, Switzerland, March 31 /PRNewswire-FirstCall/ -- Serono
(virt-x: SEO and NYSE: SRA) announces today that the Board of
Directors will propose an increase in authorized share capital at
the annual Shareholders' meeting of April 25, 2006. The Board of
Directors will propose to the Shareholders the creation of an
authorized share capital of CHF 190,471,500, allowing the Board to
issue up to 7,618,860 new bearer shares of CHF 25 nominal value
each. This authorized share capital would be valid for two years,
until April 25, 2008. The strategic review announced in November
2005 is on-going and could result in a sale of, merger of, or one
or more acquisitions by, the company. To provide the company with
financing capacity to pursue such alternatives, the Board of
Directors of Serono propose to increase the authorized share
capital at the forthcoming annual Shareholders' meeting. There is
no assurance that any transaction will be consummated. About the
annual Shareholders' meeting The full text of the invitation to the
annual Shareholders' meeting of April 25, 2006 can be consulted on
http://www.serono.com/. Background material For free B-roll, video
and other content for Serono and its products, please visit the
Serono Media Center http://www.thenewsmarket.com/Serono. You can
download print-quality images and receive broadcast-standard video
digitally or by tape from this site. Registration and video is free
to the media. For Serono Some of the statements in this press
release are forward looking. Such statements are inherently subject
to known and unknown risks, uncertainties and other factors that
may cause actual results, performance or achievements of Serono
S.A. and affiliates to be materially different from those expected
or anticipated in the forward-looking statements. Forward-looking
statements are based on Serono's current expectations and
assumptions, which may be affected by a number of factors,
including those discussed in this press release and more fully
described in Serono's Annual Report on Form 20-F filed with the
U.S. Securities and Exchange Commission on February 28, 2006. These
factors include any failure or delay in Serono's ability to develop
new products, any failure to receive anticipated regulatory
approvals, any problems in commercializing current products as a
result of competition or other factors, our ability to obtain
reimbursement coverage for our products, the outcome of government
investigations and litigation and government regulations limiting
our ability to sell our products. Serono has no responsibility to
update the forward-looking statements contained in this press
release to reflect events or circumstances occurring after the date
of this press release. About Serono Serono is a global
biotechnology leader. The Company has eight biotechnology products,
Rebif(R), Gonal-f(R), Luveris(R), Ovidrel(R )/Ovitrelle(R),
Serostim(R), Saizen(R), Zorbtive(TM) and Raptiva(R). In addition to
being the world leader in reproductive health, Serono has strong
market positions in neurology, metabolism and growth and has
recently entered the psoriasis area. The Company's research
programs are focused on growing these businesses and on
establishing new therapeutic areas, including oncology and
autoimmune diseases. Currently, there are more than 25 on-going
development projects. In 2005, Serono, whose products are sold in
over 90 countries, achieved worldwide revenues of US$2,586.4
million. Reported net loss in 2005 was US$106.1 million, reflecting
a charge of US$725 million taken relating to the settlement of the
US Attorney's Office investigation of Serostim. Excluding this
charge as well as other non-recurring items, adjusted net income
grew 28.4% to US$565.3 million in 2005. Bearer shares of Serono
S.A., the holding company, are traded on the virt-x (SEO) and its
American Depositary Shares are traded on the New York Stock
Exchange (SRA). DATASOURCE: Serono International S.A. CONTACT: For
more information, please contact: Corporate Media Relations: Tel:
+41-22-739-36-00, Fax: +41-22-739-30-85, http://www.serono.com/,
Media Relations, USA: Tel: +1-781-681-2340, Fax: +1-781-681-2935,
http://www.seronousa.com/. Corporate Investor Relations: Tel:
+41-22-739-36-01, Fax: +41-22-739-30-22. Investor Relations, USA:
Tel: +1 781 681 2552, Fax: +1 781 681 2912
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