BioWorld International Correspondent

PARIS - Genset SA will delist its American depositary shares from the Nasdaq National Market at the close of business Nov. 1, after which its ADSs no longer will be quoted for trading on any securities exchange in the U.S. or in any other inter-dealer quotation system.

Genset now is a subsidiary of Serono France Holding SA, the French subsidiary of Serono SA, following the successful takeover bid launched by the Geneva-based biotechnology company in mid-July. Its initial tender offer closed on Sept. 12, by when Serono owned 85.9 percent of Genset, but the offer period was extended to Oct. 31 to enable the remaining holders of Genset shares, ADSs and convertible bonds to take advantage of it. Serono plans to terminate the registration of Genset securities in the U.S. as soon as possible after the offer expires.

As previously announced, Genset's headquarters in Paris will close Thursday, when the relocation of most of its head office activities to its research center in Evry is completed. Some accounting functions are being transferred to the offices of Serono France in the Paris suburb of Boulogne Billancourt. Genset's registered office still will be in Paris, but at a different address from that of its head office up to now.

Meanwhile, three senior Serono executives were appointed directors of Genset at a board meeting on Oct. 23. They are Silvano Fumero, senior executive vice president, research and pharmaceutical development; Pierre Douaze, a nonexecutive director of Serono; and Giampiero de Luca, chief intellectual property counsel. At the same time, five nonexecutive directors of Genset resigned, including Pascal Brandys, one of the company's founders. But Marc Vasseur, the other founder, remains chairman and CEO and Daniel Cohen remains deputy CEO and chief scientific officer.