Prothena Corporation (NASDAQ:PRTA) is exploring a potential sale ahead of key data expected in the coming months, Bloomberg reported Monday, citing people with knowledge of the matter.
The biotechnology firm, which is developing a closely-watched treatment for Alzheimer’s disease, has been talking with advisers as it prepares to explore strategic options that could include a sale or partnership, the publication said sources told them.
PRTA shares are up more than 23% on Monday following the Bloomberg article. The rise means the stock is currently trading around levels last seen in mid-September.
Bloomberg said the company will likely draw interest from large drugmakers if it goes ahead with a potential sale. However, the deliberations are said to be at an early stage, and the company may decide to remain independent for longer.
PRTA is expected to disclose data later this year on its Alzheimer’s treatment.