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Zeltia Said to Explore Spinoff of Cancer Unit PharmaMar

Zeltia SA, a Spanish company that develops cancer drugs from sea creatures, is considering a spinoff of its biotechnology unit to list it on the Nasdaq Stock Market, according to people familiar with the matter.

The discussions about the future of the PharmaMar unit are preliminary and Zeltia is grappling with the potential tax implications of a spinoff for its own shareholders, the people said, asking not to be identified because the deliberations are private. Joining the Nasdaq may imply de-listing the parent company’s shares in Spain, one person said.