March 26, 2009 / 2:10 PM / in 10 years

UPDATE 1-Neuropharm rejects offer approach; review continues

* Says strategic review continues

* Plans partnership with larger pharma company

* Says knows no reason for share movement

* Shares jump as much as 100 pct (Adds details)

March 26 (Reuters) - British autism specialist Neuropharm Group Plc NPH.L said on Thursday that it received an indicative interest for a possible merger or acquisition from a third party but said it was not pursuing this interest.

“It is not currently in M&A discussions and is not aware of any specific reason for the share price movement,” the company said reacting to a sharp rise in its stock.

Neuropharm reiterated that it was undertaking a detailed analysis and review of the future strategic alternatives for its lead autism drug candidate, NPL-2008, and for the company.

It also said the review included the possibility of partnering its NPL-2008 with a much larger pharmaceutical company. Shares of the company were up 52 percent at 11 pence at 1358 GMT on the London Stock Exchange. The stock touched a trading high of 14.50 pence earlier in the session. (Reporting by Ramkumar in Bangalore; Editing by Gopakumar Warrier)

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