Provalis sees interest in pharmaceutical unit, hires advisers, widens strategic review

New York, Nov. 16 - Provalis plc said it has had several indicative offers for its pharmaceutical business and has hired advisers to help it evaluate whether to sell the unit.

In addition, Provalis said it has broadened its overall strategic review to consider "all strategic and funding options available to the group and how best the board can maximize value for shareholders."

Rothschild is advising the company.

The Deeside, United Kingdom, pharmaceuticals and medical diagnostics company also has hired consultants to review its in2it analyzer for the diagnosis of diabetes. U.S. sales continue to be disappointing, Provalis said, and are likely to stay that way until "certain technical issues" are resolved.

To reduce cash outflow, Provalis is implementing the recommendations of a cost review.

Provalis began the strategic review after interim chief executive Peter Woodford was hired Aug. 10.

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