Shares of Nanobiotix (NASDAQ:NBTX) climbed sharply after media reports suggested that Johnson & Johnson (NYSE:JNJ) is evaluating a potential acquisition of the French biotech firm.
According to La Lettre, J&J is reviewing the possibility of buying Nanobiotix, a company it already collaborates with on the development of a cancer treatment. Neither Johnson & Johnson nor Nanobiotix immediately responded to requests for comment regarding the report.
The stock initially jumped by as much as 15% before trimming its advance, trading about 4% higher later in the session.
Chiara Montironi, an analyst at Van Lanschot Kempen who maintains a buy rating on the company, said in a research note that Nanobiotix management indicated a journalist from La Lettre had contacted them after rumors began circulating among investors. The company has “no indication of interest from J&J for a potential takeover,” the analyst said.
Van Lanschot Kempen added that a “takeout at this stage is unlikely,” noting that under the existing partnership agreement J&J holds the exclusive license to NBTXR3, “meaning the full strategic and the majority of the financial ownership.”
Bloomberg also reported that Nanobiotix is not aware of Johnson & Johnson evaluating a takeover of the company.