(Bloomberg) -- KKR & Co., TPG Inc. and Advent International are among suitors that have expressed initial interest in Italian drugmaker Recordati SpA, people familiar with the matter said.

The buyout firms have made preliminary proposals to acquire part or all of CVC Capital Partners Plc’s controlling stake in Milan-listed Recordati, according to the people. 

Shares of Recordati rose as much as 3.6% in Tuesday trading. They were up 1.5% at 4:03 p.m. in Milan, giving the company a market value of €10.1 billion ($10.8 billion). 

CVC also received separate interest from Italy’s Angelini Pharma SpA as well as Abu Dhabi sovereign wealth fund ADQ for a stake in the business, the people said, asking not to be identified discussing confidential information.

Interested parties are wary of Recordati’s valuation and are unlikely to offer a significant premium to its current share price, according to the people. Some suitors are only keen on buying a minority stake, they said.

Negotiations are at an early stage and any deal is unlikely to be reached in the near term, the people said. Representatives for Advent, Angelini, CVC, KKR, Recordati and TPG declined to comment. A spokesperson for ADQ didn’t immediately respond to queries during a public holiday in Abu Dhabi. 

Bloomberg News reported in April that CVC is exploring options for Recordati, including a potential sale of its stake or a combination with another pharmaceuticals business. CVC bought its 51.8% holding in Recordati in 2018 from the founding family in a roughly €3 billion deal.  

Recordati’s products include treatments for cardiovascular illnesses, urological diseases and coughs and colds. 

--With assistance from Pamela Barbaglia and Manuel Baigorri.

(Updates with details of interest from Advent, ADQ from first paragraph.)

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