(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)
