(Bloomberg) -- Jazz Pharmaceuticals Plc is exploring strategic options including a potential sale, people with knowledge of the matter said.
The company is speaking with advisers to help field interest, said the people, who asked not to be identified because the information is private. Jazz Pharma is also studying possibilities that might include a breakup or divestment of parts of the business, the people said.
Separating its cannabinoid business from its oncology operations is one of the possibilities, the people said. Jazz Pharma agreed in 2021 to acquire GW Pharmaceuticals Plc, the maker of the first drug derived from the cannabis plant to win approval in the US, for $7.2 billion in cash and stock.
Jazz Pharma shares rose as much as 4% Friday in New York trading. They had lost 17% this year through Thursday’s close.
Jazz Pharma could attract interest from large drugmakers keen to grow in neuroscience and oncology, according to the people. Deliberations are ongoing, and there’s no certainty they will lead to a transaction.
A representative for Jazz Pharma declined to comment.
Health care has been a bright spot for dealmakers in 2023 amid the broader slump in mergers and acquisitions across the world. The value of deals targeting the sector has risen 19% this year to $242 billion, data compiled by Bloomberg show.
Dublin-headquartered Jazz Pharma has developed treatments for sleep disorders and epilepsy. It has also been working on cancer medicines targeting hard-to-treat hematologic malignancies and solid tumors, and has been researching cannabinoid-based therapies for some serious diseases.
Last year, the company said it expected to reach $5 billion in revenue in 2025 and receive approval for at least five additional novel products by the end of the decade.
--With assistance from Jonathan Roeder.
(Updates with opening shares in fourth paragraph)
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