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Serono bids for French biotech firm

The Swiss biotechnology firm, Serono, has offered SFr157.9 million ($105.9 million) to take over the French genomics-based biotech company, Genset.

"The offer for Genset is a continuation of our strategy of selective research and development investments," said Ernesto Bertarelli, CEO of Serono, in a statement released on Wednesday.

"This investment will further develop our genomics drug discovery platform and feed our pipeline," he added.

The Geneva-based firm has offered cash for all outstanding shares in the French company at a rate of €9.75 per Genset share.

At an extraordinary general meeting on Wednesday, Genset's shareholders followed recommendations by the company's board to accept the offer.

swissinfo with agencies

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