DJ Veru Adds Financial Advisor to Pursue Alternatives for Female Health Business
By Chris Wack
Veru Inc. said Monday it has engaged Morgan Stanley & Co. as a financial advisor to assist it in pursuing strategic alternatives regarding its legacy FC2 Female Condom/FC2 Internal Condom business.
The biopharmaceutical company said it considers now a good time to consider alternatives for the business, with the last two consecutive quarters for its FHC business having set records in terms of revenues and profit.
Veru said that with the potential for five registration clinical trials in calendar year 2021, it has transformed itself into a late-stage, clinical biopharmaceutical company, so the strategic fit with the FHC business isn't as strong as it once was.
The company said it is open to exploring the right kind of strategic transaction for the FHC business with a view toward the best, long-term interests of its shareholders, which may include continuing to operate the FHC business.
Veru shares were up 8% to $13.25 in premarket trading.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
March 08, 2021 09:18 ET (14:18 GMT)
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