(Bloomberg) -- Shares of Cytokinetics Inc. jumped the most in more than two years after a report that two large drugmakers are considering buying the biotech firm.

The company is seeing takeover interest from Novartis AG and AstraZeneca Plc, according to Dealreporter. The South San Francisco-based company has attracted interest from at least one major drugmaker in recent months, Bloomberg News reported in October. 

Shares of Cytokinetics rose as much as 20% in early trading in New York Thursday, their biggest increase since July 2021. Its stock was down 22% this year as of Wednesday’s close. The company has a market cap of about $4 billion.

Cytokinetics is a late-stage biotech firm developing cardiovascular treatments. The company has been expecting results of an important late-stage trial at the end of the year.

The trial is studying a drug called Aficamten, which offers a potential treatment for a heart condition known as hypertrophic cardiomyopathy. If approved, it would be the company’s first commercial product.

©2023 Bloomberg L.P.