MADRID, March 7 (Reuters) - Spanish pharmaceutical

company Rovi said on Thursday it had hired financial

advisory and asset management firm Lazard to explore the sale of

its third-party manufacturing business that it uses to make

COVID vaccines.

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 ( MRNA ) 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)