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Rovi hires Lazard for the possible sale of its manufacturing business to third parties

MADRID, 7 Mar.

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Rovi hires Lazard for the possible sale of its manufacturing business to third parties

MADRID, 7 Mar. (EUROPA PRESS) -

Rovi has hired the services of Lazard Asesores Financieros to explore the possible sale of its manufacturing business to third parties, as the company reported this Thursday to the National Securities Market Commission (CNMV).

The pharmaceutical company thus confirms information published today in the newspaper 'Expansión' in which it is stated that the company has hired Lazard to study a possible operation in its third-party manufacturing business.

Specifically, 'Expansión' publishes that the pharmaceutical company is considering selling a relevant stake in this division to a financial partner, whose main asset is the ten-year agreement with Moderna for the manufacture, among other products, of the Covid vaccine.

"In view of the information that appeared in the press in relation to a possible corporate operation related to its third-party manufacturing business, it is reported that Rovi is continually evaluating potential strategic alternatives for the enhancement of its assets. For the analysis of these alternatives "Rovi has hired the services of Lazard Financial Advisors," the company confirmed to the CNMV this Thursday.

However, the pharmaceutical company has specified that said analysis has not been completed and that no decision has been made in this regard.

Rovi's operating income increased by 1% in 2023, to €829.5 million, thanks especially to the third-party manufacturing business, which grew by 1%, to €409.3 million, and the pharmaceutical specialties business. , whose sales also grew 1% compared to the previous year.

The pharmaceutical company's net profit reached 170.3 million euros in 2023, a figure 15% lower than the profits recorded by the company in 2022, which were close to 200 million euros, according to the accounts presented by Rovi on December 27. February.