April 6, 2009 / 9:42 AM / 11 years ago

UPDATE 1-Renovo in early talks on possible offer

* Gets unsolicited approach

* Shares rise as much as 32 percent (Adds details, share price movement)

April 6 (Reuters) - British drug developer Renovo Group Plc RNVO.L said on Monday it was in early talks with a party after it received an unsolicited, preliminary non-binding approach.

Renovo is deemed to be in an offer period, the company which develops drugs for the reduction of scarring and acceleration of healing, said in a statement.

At 0936 GMT, Renovo shares were up 16 percent at 30.75 pence on the London Stock Exchange. They touched a high of 35 pence earlier in the session. (Reporting by Austin Lobo in Bangalore; Editing by Gopakumar Warrier)

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