Lehman Brothers and JP Morgan have helped engineer a rare European biotechnology deal between Genset and Serono, a Swiss biotechnology company, which will take over the French group for €107.4m ($106.5m).

Lehman Brothers is advising Genset, and JP Morgan is working for Serono. When the two companies first began talking they were not intending to merge but merely discussing a venture which Serono was considering funding. Advisers were brought in when the talks became more serious. Serono used Cleary, Gottlieb, Steen & Hamilton for legal advice, and Genset used Shearman & Sterling.