Merck KGaA has entered into an agreement to purchase Serono shares for $13.3 billion in cash, as part of an effort to create a strategic combination. Subject to antitrust review and closing of the purchase, Merck will hold 64.5% of the capital of Serono and 75.5% of the voting rights. Together with Serono, Merck adds R&D capabilities, a multiple sclerosis franchise, expanded geographic reach with access to the U.S. market, and biotechnology manufacturing. “This acquisition transf...