PE Firms Bid for Italy’s Rottapharm

Advent International, Carlyle Group, Charterhouse, Avista and Clessidra all submitted second round bids for Italian drugs company Rottapharm, Reuters reported Thursday. The company is hoping to be valued at up to 2 billion euros ($2.7 billion), Reuters wrote.

(Reuters) – A handful of private equity firms have tabled bids for Italian drugs company Rottapharm, which founder Luigi Rovati had been hoping would be valued at up to 2 billion euros ($2.7 billion), people familiar with the situation said.

Private equity groups Advent International, Carlyle Group , Charterhouse, Avista and Clessidra all submitted second round bids for the company on Monday, three people said.

Rottapharm is expected to take two or three parties into a third and final round of bidding which will stretch into the new year, those people added.

The private equity firms declined to comment or were unavailable to comment. Rottapharm was unavailable to comment. (By Simon Meads)