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 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)

(Reporting by Emma Pinedo, editing by Andrei Khalip and David Evans)