French biotech Abivax has told CNBC that it denied a media report that AstraZeneca was in talks to acquire it.
The report by French publication La Lettre early Thursday said that Anglo-Swedish company AstraZeneca had had exclusive access to Abivax's data since early February and had until March 23 to formalize an offer, citing sources.
The Abivax spokesperson told CNBC that they denied the report in its entirety but didn't comment further on the specific points in the article. AstraZeneca earlier declined to comment.
Abivax has been the subject of intense takeover speculation for months, and its stock price has soared as a result.
Abivax's lead asset, ulcerative colitis medicine obefazimod, last year surprised investors with strong results from a late-stage trial. Another readout is expected in the second quarter.
Analysts have told CNBC that Abivax could be a strategic acquisition for any large pharmaceutical company with an immunology and inflammation franchise. Eli Lilly has also been rumored to be in talks with Abivax about a potential takeover. Both companies have declined to comment.
Shares of Abivax were up as much as 15% on Thursday after the La Lettre report was published, but were last seen about 4% higher.