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Spanish drugmaker Rovi to keep third-party manufacturing business

Published 10/24/2024, 04:59 AM
Updated 10/24/2024, 05:01 AM
© Reuters. 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
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(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.

© Reuters. The logo of Spanish pharmaceutical firm Rovi, in charge of the

The pharmaceuticals company had hired Lazard (NYSE:LAZ) as an adviser for the potential sale of a business that has produced COVID-19 vaccines on behalf of Moderna (NASDAQ:MRNA), 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.

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