UPDATE 1-Hippocrates Holding draws up shortlist of four for Italy pharmacy network - sources

(Adds PAI comment)

MILAN, Oct 15 (Reuters) - Italy’s Hippocrates Holding has short-listed four bidders for its network of Italian pharmacies, including private equity investors Eurazeo and PAI Partners, three sources close to the matter said on Thursday.

The short list was drawn up after the company had received nine non-binding bids valuing the group at more than 600 million euros ($702 million), the sources said.

Binding bids are expected by mid November, one of the sources said.

Hippocrates, Eurazeo and PAI declined to comment.

Hippocrates Holding, founded in 2018 by Rodolfo Guarino and Davide Tavaniello, controls more than 120 pharmacies in Italy and has revenues of more than 200 million euros.

The company, advised by Mediobanca and Deutsche Bank, is aiming to find a majority investor to speed up growth.

Under the deal, the winning bidder will buy the entire holding but some of the shareholders, who include dozens of family investors, will reinvest, two of the sources said.

The two founders will continue to lead the group, they said.

$1 = 0.8550 euros Reporting by Elisa Anzolin and Stephen Jewkes, Editing by Alexandra Hudson and Ed Osmond