Spanish drugmaker Rovi to keep third-party manufacturing business
Tweet
Share
E-mail
The logo of Spanish pharmaceutical firm Rovi, in charge of the "fill and finish" final stage of manufacturing for Moderna's COVID-19 vaccine, is seen outside their lab in San Sebastian de los Reyes, Spain on November 17, 2020. REUTERS/Marco Trujillo/ File
(Reuters) - Spanish drugmaker Rovi 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 as an adviser for the potential sale of a business that has produced COVID-19 vaccines on behalf of Moderna, 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, Cinven, CVC, KKR and Permira.
(Reporting by Tiago Brandao; Editing by David Latona and David Goodman)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- US judge strikes down policy suspending immigrant visa processing for 75 nations
- US Army Secretary Driscoll is expected to step down by year's end, WSJ reports
- Trump says Iran not ready to make the 'right deal'
Create E-mail Alert Related Categories
ReutersRelated Entities
Lazard, PermiraSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
