How the Bertarelli Family Built Serono From a Startup to Biotech Giant

In this episode of Family Business Stories, Lucas and Luna explore the rise of the Bertarelli family and Serono, the Swiss biotech powerhouse that dominated fertility treatments for decades. Starting with Fabio Bertarelli's acquisition of a small Italian pharmaceutical in 1906, the family built a global leader in recombinant proteins and fertility drugs like Gonal-f. By the 1990s, Serono controlled over 50 percent of the global fertility drug market, with annual revenues exceeding $2 billion. But the story takes a turn: In 2006, the family sold Serono to Merck KGaA for $13.3 billion, cashing out after a governance crisis. Lucas and Luna break down the key decisions—how they pivoted from dried placenta to cutting-edge biotech, the role of CEO Ernesto Bertarelli, and the messy family dynamics that led to the sale. A concrete look at strategy, science, and succession in a capital-intensive industry. #BertarelliFamily #Serono #Biotech #FertilityDrugs #GonalF #MerckKGaA #FamilyBusiness #SwissBusiness #Pharmaceuticals #RecombinantProteins #ErnestoBertarelli #FabioBertarelli #Business #BusinessPodcast #FexingoBusiness #Succession #BiotechHistory #PrivateEquityExit Keep every episode free: buymeacoffee.com/fexingo