Optimer Pharmaceuticals Inc OPTR.O said it was exploring a possible sale of the company among a full range of alternatives and that Chairman Henry McKinnell would act as chief executive for the duration of the review process.
Optimer shares were up 11.6 percent at $11.95 in premarket trading.
McKinnell will replace Pedro Lichtinger, who has been at the helm since 2010.
J.P. Morgan and Centerview Partners will advise Optimer on the process, with Sullivan & Cromwell LLP serving as legal adviser.
(Reporting by Zeba Siddiqui in Bangalore; Editing by Joyjeet Das)