(Bloomberg) -- Aurinia Pharmaceuticals Inc. jumped on news that Bristol-Myers Squibb Co. had expressed interest in acquiring the smaller biopharmaceutical company.
The stock advanced 7.1% to $30.00 before the start of regular trading Monday in New York. Aurinia shares had climbed 60% this year through Oct. 21, the day before Bloomberg News reported on the Bristol-Myers approach, citing people familiar with the matter. Bristol-Myers was little changed at $57.65 early Monday.
No final decision had been made about a takeover and Bristol-Myers could opt against a deal, the people said.
Formally known as Isotechnika Pharma, Aurinia specializes in therapies for severe autoimmune diseases, according to its website. It recently introduced an oral therapy for adults with lupus nephritis, a kidney disorder.
The talks come during a boom in health-care deal making, as large pharma companies look to broaden their suite of therapies via acquisitions.
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