CVC Capital Partners Limited (ENXTAM:CVC) is exploring options for its controlling stake in Italian drugmaker Recordati Industria Chimica e Farmaceutica S.p.A. (BIT:REC), according to people familiar with the matter. The buyout firm is working with advisers and is in the early stages of studying alternatives including a potential sale or a combination with another business, the people said. It?s informally reaching out to some potential buyers to gauge their interest in a deal, the people said, asking not to be identified because the information is private.

CVC bought its 51.8% holding in Milan-based Recordati in 2018 from the founding family in a roughly ?3 billion deal. Shares of Recordati slipped 2.6% to ?51.25 at 11:37 a.m. in Milan. Through April 23, 2024, they had gained about 27% in Milan trading over the past 12 months, giving the company a market value of about ?11 billion ($12 billion).

Deliberations are in the early stages and there is no guarantee any deal will result, they said. Representatives for CVC and Recordati declined to comment.