Acquisition, holding, management and disposal of participations. May acquire, hold, manage, use, encumber, dispose of, otherwise dispose of, sub-license, exploit or have exploited intellectual property rights, industrial property rights or license rights, furthermore establish branches and subsidiaries in Switzerland and abroad, participate in or merge with other companies in Switzerland and abroad, and conduct all business that is directly or indirectly related to its purpose, acquire, encumber, dispose of and manage real estate in Switzerland and abroad, also provide financing for its own account or for the account of third parties, as well as provide guarantees and sureties for subsidiaries and third parties.