Norbel Inversiones Divests 3% of Rovi’s Share Capital

Norbel Inversiones reduces its stake in Laboratorios Rovi. Bestinver and Jefferies International are carrying out on behalf of this investment vehicle of the López-Belmonte family, owners of the pharmaceutical company, a placement of up to 1.6 million shares representing 3% of the capital stock. The amount of the placement will total more than $103.7 million (€87 million), with a unit sale price of $62 (€52) per share.

The transaction will be carried out through a procedure known as “accelerated bookbuilding” and is expected to last no more than one day, according to the Spanish pharmaceutical company in a statement sent to the Spanish Securities and Exchange Commission (Comisión Nacional del Mercado de Valores, Cnmv).

The will of the seller, which is and will continue to be the majority shareholder of Rovi, is to gradually increase the liquidity of the stock, “having committed the seller with the placement entities to maintain a lock-up of its remaining participation during a period of 90 days,” Rovi informed in the note.

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Norbel Inversiones seeks to increase the liquidity of the stock with this operation

The placement process will begin immediately and during this period the entities in charge of carrying out this operation will develop diffusion and promotion activities with the aim of “obtaining indications of interest or proposals of acquisition of the shares by potential investors,” the pharmaceutical company pointed out.

The Spanish drugmaker posted a net profit of $73 million (€61.1 million) in 2020, 55% higher than in 2019 when it earned $47 million (€39.3 million). Rovi’s operating income increased by 10% in 2020 over the previous year to $500 million (€420 million). These results are due, according to the group, to the strength of the third-party manufacturing business, which grew by 39% in sales following the agreement for Moderna’s COVID-19 vaccine, as well as the specialty pharmaceuticals business, whose turnover increased by 4%.

Within the sales achieved in 2020 by Rovi, those of the heparins division (low molecular weight heparins and other heparins) increased by 14% to $250 million (€209.3 million), representing 50% of operating revenues in 2020, compared with 48% in 2019. Sales of Neparvis, which Rovi began marketing in December 2016, increased 34% to $35.5 million (€29.6 million) in 2020.

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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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