(Bloomberg) -- Drugmaker Janux Therapeutics Inc. is exploring options, including a potential sale, after receiving takeover interest from larger pharmaceutical companies, people with knowledge of the matter said.

The company, which develops tumor-activated immunotherapies to treat cancer, is working with a financial adviser to evaluate possibilities including a sale, according to the people, who asked not to be identified discussing confidential information. 

The business is likely to draw interest from bigger drugmakers who are keen to acquire new medicines to replenish their portfolios or expand into cancer treatments, the people said.

Janux shares have quadrupled this year, giving the company a market value of $2.3 billion. The shares, which rose as much as 22% Wednesday, closed up 11% to $44.62 in New York trading.

Deliberations are ongoing and there is no guarantee they will result in a transaction, the people said. San Diego-based Janux didn’t immediately respond to emails or calls seeking comment. 

Janux raised about $295 million in an equity offering in February, after its shares surged on promising data for two of its experimental treatments. Janux’s technology involves so-called T-cell engagers, which aim to use a patient’s own immune system to kill tumor cells. 

Dealmaking in the industry has been brisk, with $27.8 billion of acquisitions targeting drug and biotech companies since the start of the year, according to data compiled by Bloomberg. 

Danish drugmaker Genmab A/S last week agreed to buy ProfoundBio Inc., for $1.8 billion, the latest in a flurry of deals to gain next-generation cancer antibodies. Gilead Sciences Inc. struck an agreement in February to buy CymaBay Therapeutics Inc., a developer of an experimental liver disease drug, for $4.3 billion. 

(Updates with closing share price in fourth paragraph.)

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