Rovi Decides Against Selling CDMO Business

(Reuters) – Spanish drugmaker Rovi has announced that it will not sell its third-party contract development and manufacturing business (CDMO) after reviewing several non-binding offers.

"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," Rovi stated in a regulatory filing.

As a result of this announcement, Rovi's shares fell by 6.1%.

The pharmaceuticals company had engaged Lazard (NYSE:LAZ) as an adviser concerning the potential sale of a business that has produced COVID-19 vaccines alongside other drugs for clients like Moderna (NASDAQ:MRNA).

In June, Rovi mentioned receiving five offers but did not disclose the potential buyers. However, newspaper Expansion reported that the bidders included investment funds Antin, Cinven, CVC, KKR, and Permira.