(Bloomberg) -- Swedish specialty pharmaceutical firm Immedica’s owners are exploring options for the company including a potential sale, according to people with knowledge of the matter. 

Immedica’s shareholders are working with Morgan Stanley to gauge interest in the business, the people said, asking not to be identified because the information is private. The Stockholm-based company, which is focused on commercializing medicines for rare diseases, could fetch about $500 million and is likely to draw interest from private equity firms, according to the people. 

Companies behind innovative therapies have become hot acquisition targets as big pharmaceutical companies look to replenish their pipelines. Immedica focuses on genetic and metabolic diseases, hematology and oncology as well as specialty care, according to its website. The company was formed in 2018 by investment firm Impilo.

Deliberations are ongoing, and there’s no certainty they will lead to a transaction, the people said. Representatives for Immedica and Morgan Stanley declined to comment. A spokesperson for Impilo didn’t immediately respond to requests for comment. 

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