Spanish drugmaker Rovi to keep third-party manufacturing business
24/10/2024 09:51
Oct 24 (Reuters) - Spanish drugmaker Rovi ROVI.MC will
not sell its third-party contract development and manufacturing
business (CDMO) after reviewing several non-binding offers, it
said on Thursday.
"Given the strength, momentum and prospects of this
business, the best way to maximise value for shareholders at
this time is to continue executing on the company's standalone
strategic plan," it said in a regulatory filing.
Rovi shares fell 6.1% after the announcement.
The pharmaceuticals company had hired Lazard LAZ.N as an
adviser for the potential sale of a business that has produced
COVID-19 vaccines on behalf of Moderna MRNA.O , among other
drugs.
In June Rovi said it had received five offers without
identifying the potential buyers. However, newspaper Expansion
named them as investment funds Antin ANTIN.PA , Cinven, CVC
CVC.AS , KKR KKR.N and Permira.
(Reporting by Tiago Brandao
Editing by David Latona and David Goodman
)
((Tiago.Brandao@thomsonreuters.com;))