Serono stays at buy by Merrill

Serono SA kept its buy rating and a CHF 1,100 price target from Merrill Lynch analyst Erica Whittaker, based on the impact of Tysabri's return to the market for multiple sclerosis on sales of Serono's MS drug, Rebif. Merrill expects Tysabri will have a minimal impact (less than 5%) on worldwide sales of Rebif. About 70% of Rebif sales (and about 80% of Rebif profits) originate outside of the United States, and the European regulators have yet to make a decision on Tysabri approval. Shares of the Geneva, Switzerland, pharmaceutical company were up CHF 19.00, or 2.09%, at CHF 926 on volume of 97,431 shares versus the three-month running average of 63,081 shares. (VTX: SEO)

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