Italy's Rovati family said on Wednesday it had decided to halt talks to sell 50 percent of pharmaceutical group Rottapharm-Madaus to private equity firms Avista and Clessidra due to disagreement over governance.
"We decided to stop negotiations, given the irreconcilable differences on governance issues," the Chief Executive of Rottapharm-Madaus Luca Rovati said in a statement.
Earlier in June a source close to the matter said Clessidra and Avista had reached an agreement to buy 50 percent of the family-owned group.
Clessidra and Avista started exclusive talks to acquire the stake in May.
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