Rovi explores sale of unit that makes drugs for third parties
Reuters
Published Mar 07, 2024 06:22AM ET
Updated Mar 07, 2024 11:06AM ET
MADRID (Reuters) - Spanish pharmaceutical company Rovi said on Thursday it had hired financial advisory and asset management firm Lazard (NYSE:LAZ) to explore the sale of its third-party manufacturing business that it uses to make COVID vaccines.
Madrid-based Rovi said it regularly assesses potential strategic alternatives to maximise value and decided to hire Lazard, although no specific decision had been taken and the analysis was still ongoing.
The third-party manufacturing business, which includes a long-term partnership with Moderna (NASDAQ:MRNA) to manufacture its COVID-19 vaccine for large parts of the world, accounted for almost half of Rovi's 2023 revenue of some 830 million euros ($904 million).
Rovi's shares were up 4% in early trade on Thursday. Its shares have risen 30% so far this year taking the company's market capitalisation to 4 billion euros.
($1 = 0.9179 euros)
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Written By: Reuters
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