Feb 19 Furiex Pharmaceuticals Inc,
which is developing a drug for irritable bowel syndrome, has put
itself up for sale, Bloomberg reported on Wednesday, citing
people with knowledge of the matter.
The company was working with Bank of America Corp
and has started contacting companies to gauge their interest in
a potential deal, according to the report. ()
Furiex's stock climbed as much as 17 percent to $113.99 on
Wednesday, valuing the company at $1.18 billion.
The company's stock more than doubled on Feb. 4 when Furiex
said its drug, eluxadoline, significantly alleviated diarrhea
and abdominal pain associated with irritable bowel syndrome in
two large late-stage trials.
This was the second time the company was trying to sell
itself following an unsuccessful auction last year, Bloomberg
said on Wednesday citing two of the people familiar with the
Furiex declined to comment on the report.
The company has said it plans to apply for U.S. approval by
mid-2014 for use in diarrhea-predominant irritable bowel
syndrome, a debilitating bowel disorder that affects about 28
million people in the United States and major European markets.
The stock was up 4.4 percent at $101.67 in afternoon trading
on the Nasdaq.