CVC Capital Partners is exploring potential divestments for Recordati SpA following its €10.9 billion ($12.5 billion) takeover bid for the Italian drugmaker, according to people familiar with the matter. The private equity firm could consider selling Recordati's rare-diseases arm, which develops treatments for conditions like Cushing's syndrome and hyperammonemia, as part of its strategic review.

CVC has effectively controlled Recordati since 2018 when it acquired the founding family's holding company, gradually reducing its stake from 52% to about 47%. The investment firm is now seeking to take Recordati private after exploring a sale of its position earlier this year. Recordati confirmed receiving a €52 per share takeover approach from its biggest shareholder, representing a 12% premium to its previous closing price.

The potential divestments would give CVC flexibility to reshape Recordati after a delisting and unlock greater value from its higher-margin divisions. Founded in 1926, Recordati has grown from a family pharmacy into a pharmaceutical company with operations spanning specialty care, primary care, consumer health, and rare disease treatments. The company's portfolio includes blood pressure medication Zanidip and Eligard, a hormone therapy for prostate cancer.