(Reuters) – Bristol Myers Squibb Co has expressed interest in buying autoimmune disease drug developer Aurinia Pharmaceuticals Inc, Bloomberg News reported on Friday, citing people familiar with the matter.
Aurinia’s shares closed up nearly 27% on the news, giving it a market capitalization of $3.59 billion, according to Refinitiv data.
The report said no final decision has been made and that Bristol Myers could opt out of a potential deal.
Both Bristol Myers and Aurinia declined to comment on the matter.
Aurinia sells a treatment for a kidney disorder called lupus nephritis and is testing out treatments for other autoimmune and kidney diseases, according to its website.
(Reporting by Amruta Khandekar and Ruhi Soni; Editing by Devika Syamnath)