Aurinia Extends Gain on Report of Bristol-Myers Approach
(Bloomberg) -- Aurinia Pharmaceuticals Inc. added to its rally, giving the biopharmaceutical company a market value of $3.9 billion, on news that Bristol-Myers Squibb Co. had expressed interest in acquiring its smaller rival.
Aurinia’s stock advanced 7.2% to $30.01 at 9:44 a.m. Monday in New York, following a 27% surge recorded Oct. 22, after Bloomberg News reported the Bristol-Myers approach. Aurinia shares had climbed 60% this year before the Bloomberg story, which cited people familiar with the matter. Bristol-Myers rose less than 1% to $57.90 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 drugmakers look to broaden their suite of therapies through acquisitions.
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