SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of October, 2005
Serono S.A.
---------------------------------------
(Registrant's Name)
15 bis, Chemin des Mines
Case Postale 54
CH-1211 Geneva 20
Switzerland
-----------------------------
(Address of Principal Executive Offices)
1-15096
---------------------------------------
(Commission File No.)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
---- ----
(Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101 (b)(1).)
----
(Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101 (b)(7).)
----
(Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
---- ----
(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- )
------
SERONO
biotech & beyond
Media Release
FOR IMMEDIATE RELEASE
--------------------------------------------------------------------------------
SERONO ANNOUNCES FINAL SETTLEMENT OF SEROSTIM(R) INVESTIGATION
--------------------------------------------------------------------------------
GENEVA, SWITZERLAND -- OCTOBER 17, 2005 - Serono (virt-x: SEO and NYSE: SRA)
announced today that its U.S. affiliates have agreed to settle the government
investigation led by the U.S. Attorney's office in Massachusetts into commercial
practices related to Serostim(R). This investigation was part of an ongoing
industry-wide investigation by the states and the federal government of
commercial practices. The comprehensive settlements with federal and state
agencies will conclude all liabilities to the government in connection with the
investigation.
In April 2005, the company announced that it had taken a $725 million provision
to cover the settlement and related costs. The provision, which was recorded as
an exceptional charge in the company's earnings report for the first quarter of
2005, will be sufficient to cover the comprehensive settlements and related
costs. The comprehensive settlements also include a Corporate Integrity
Agreement, administered through the Office of the Inspector General.
"This settlement concludes a four-year government investigation into commercial
practices related to Serostim, and we are pleased to put the matter behind us,"
said Thomas G. Gunning, Vice President and General Counsel, Serono U.S. "The
activities described in the settlement were confined to one unit in our U.S.
operations and cover a brief period in our history. Serono takes compliance
issues very seriously and has a rigorous compliance program to ensure that its
employees meet the highest ethical standards. We now look forward to continuing
to focus and devote our energies on our core mission of developing treatments to
meet unmet medical needs."
###
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. Currently, there are
approximately 30 ongoing development projects.
In 2004, Serono achieved worldwide revenues of US$2,458.1 million, and a net
income of US$494.2 million, making it the third largest biotech company in the
world. Its products are sold in over 90 countries. 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).
FORWARD-LOOKING STATEMENT
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 March 16, 2005. 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.
FOR MORE INFORMATION, PLEASE CONTACT:
MEDIA RELATIONS, USA: INVESTOR RELATIONS, USA
Tel: +1 781 681 2340 Tel: +1 781 681 2552
Fax: +1 781 6812935 Fax: +1 781 681 2912
www.seronousa.com
-----------------
CORPORATE MEDIA RELATIONS: CORPORATE INVESTOR RELATIONS:
Tel: +41 22 739 36 00 Tel: +41 22 739 36 01
Fax: +41 22 739 30 85 Fax: +41 22 739 30 22
www.serono.com Reuters: SEO.VX / SRA.N
-------------- Bloomberg: SEO VX / SRA US
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SERONO S.A.
a Swiss corporation
(Registrant)
October 19, 2005 By: /s/ Stuart Grant
--------------------------
Name: Stuart Grant
Title: Chief Financial Officer