Germany's MERCK (EUR 5.9 bn turnover in 2005) is to buy a 64.5% stake in Swiss biotech company SERONO for more than EUR 10.6 bn. MERCK will then launch a takeover bid for the remaining stake at the same price (CHF 1100 per share). The new company to emerge from this deal with have a turnover of around EUR 7.7 bn a year based on the 2005 financial year.