SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                    ________

                                    FORM 6-K

                        REPORT OF FOREIGN PRIVATE ISSUER
                      PURSUANT TO RULE 13a-16 OR 15d-16 OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                        For the month of September, 2004

                                  Serono S.A.
                           -------------------------
                              (Registrant's Name)

                            15 bis, Chemin des Mines
                                Case Postale 54
                                CH-1211 Geneva 20
                                  Switzerland
                    ----------------------------------------
                    (Address of Principal Executive Offices)

                                    1-15096
                            -------------------------
                              (Commission File No.)

     (Indicate  by  check  mark whether the registrant files or will file annual
reports  under  cover  of  Form  20-F  or  Form  40-F.)

     Form  20-F  X  Form  40-F
                ---            ---

     (Indicate  by  check  mark  if the registrant is submitting the Form 6-K in
paper  as  permitted  by  Regulation  S-T  Rule  101  (b)(1).)  ______

     (Indicate  by  check  mark  if the registrant is submitting the Form 6-K in
paper  as  permitted  by  Regulation  S-T  Rule  101  (b)(7).)   ______

     (Indicate  by  check  mark  whether  the  registrant  by  furnishing  the
information contained in this form is also thereby furnishing the information to
the  Commission  pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)

     Yes      No  X
         ---     ---

     (If  "Yes"  is  marked,  indicate  below  the  file  number assigned to the
registrant  in  connection  with  Rule  12g3-2(b):  82-______)



                                                                          Serono

Media Release



FOR IMMEDIATE RELEASE
---------------------


                     SERONO CONCLUDES NEW LICENSE AGREEMENT


GENEVA,  SWITZERLAND  -  SEPTEMBER  3, 2004 - Serono (virt-x: SEO and NYSE: SRA)
today announced that, in connection with the grant of a license under a non-core
technology  it  is  to receive a licence fee, payable in annual instalments over
the next three years. The identity of the licensee was not disclosed.

The  license  fee  is  non-refundable  and  non-cancellable, received instead of
future  ongoing  royalties  and  will in accordance with International Financial
Reporting  Standards  be  recognized  immediately  as license income in Serono's
third  quarter  2004  results  of  operations.  As  a result, Serono will record
exceptional royalty revenue of USD 67 million in the third quarter.

Serono reiterates its guidance for 2004 with an increase in total revenues of at
least  12%  and  an  increase in net income of at least 20% in local currencies,
reflecting  our  underlying  growth.  The  exceptional revenue from this license
agreement,  and  its  resulting impact on the net income, is considered over and
above  our  guidance  for  2004.

                                    - Ends -


                                       ###

Some  of  the  statements  in  this  press  release  are  forward  looking. Such
statements  are inherently subject to known and unknown risks, uncertainties and
other  factors  that  may  cause  actual results, performance or achievements of
Serono  S.A.  and  affiliates  to be materially different from those expected or
anticipated  in  the  forward-looking statements. Forward-looking statements are
based on Serono's current expectations and assumptions, which may be affected by
a  number  of  factors, including those discussed in this press release and more
fully  described  in  Serono's  Annual  Report  on Form 20-F filed with the U.S.
Securities  and Exchange Commission on March 25, 2004. These factors include any
failure  or  delay  in  Serono's ability to develop new products, any failure to
receive  anticipated  regulatory  approvals,  any  problems  in  commercializing
current  products  as  a  result of competition or other factors, our ability to
obtain  reimbursement  coverage  for  our  products,  and government regulations
limiting  our  ability  to  sell  our  products. Serono has no responsibility to
update the forward-looking statements contained in this press release to reflect
events or circumstances occurring after the date of this press release.

                                       ###


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ABOUT SERONO

Serono  is  a  global  biotechnology leader. The Company has eight biotechnology
products,  Rebif(R),  Gonal-F(R),  Luveris(R),  Ovidrel(R)/Ovitrelle(R),
Serostim(R), Saizen(R) , Zorbtive(TM) and Raptiva(R) (Luveris(R) is not approved
in  the  USA).  In  addition  to  being the world leader in reproductive health,
Serono  has  strong market positions in neurology, metabolism and growth and has
recently entered the psoriasis area. The Company's research programs are focused
on  growing  these  businesses  and  on  establishing  new  therapeutic  areas.
Currently,  there  are  approximately  30  ongoing  development  projects.

In  2003,  Serono  achieved  worldwide revenues of US$2,018.6 million, and a net
income  of  US$390.0 million, making it the third largest biotech company in the
world. Its products are sold in over 90 countries. Bearer shares of Serono S.A.,
the  holding company, are traded on the virt-x (SEO) and its American Depositary
Shares  are  traded  on  the  New  York  Stock  Exchange  (SRA).



FOR MORE INFORMATION, PLEASE CONTACT:

CORPORATE MEDIA RELATIONS:     CORPORATE INVESTOR RELATIONS:
Tel:  +41 22 739 36 00         Tel:  +41 22 739 36 01
Fax:  +41 22 739 30 85         Fax:  +41 22 739 30 22
http://www.serono.com          Reuters:  SEO.VX / SRA.N
---------------------          Bloomberg: SEO VX / SRA US

MEDIA RELATIONS, USA:          INVESTOR RELATIONS, USA:
Tel:  +1 781 681 2486          Tel:  +1 781 681 2552
Fax:  +1 781 681 2935          Fax:  +1 781 681 2912
http://www.seronousa.com
------------------------


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                                   SIGNATURES

     Pursuant  to  the  requirements of the Securities Exchange Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned,  thereunto  duly  authorized.



                                   SERONO S.A.
                                   a Swiss corporation
                                   (Registrant)



September 3, 2004                  By:    /s/ Francois Naef
                                          --------------------
                                   Name:  Francois Naef
                                   Title: Secretary