Drug maker Novartis (NOVN.VX: Quote, Profile, Research) declined to comment on Tuesday on a newspaper report it would offer a premium to take over biotechnology firm Serono (SEO.VX: Quote, Profile, Research). Serono has a market value of around 11.2 billion Swiss francs ($8.5 billion). Sources familiar with the situation have told Reuters that major pharmaceuticals companies, including Novartis, have been asked by Serono to prepare bids for an auction of the Geneva-based firm which could take place early in 2006.

Reuters (http://today.reuters.com/business/newsArticle.aspx?type=health&storyID=nL27671635)