Drug developer Tesaro explores sale

New Delhi: Cancer Drug Developer Tesaro Inc is exploring a sale and is working with financial advisers after receiving takeover interest, Bloomberg reported on Friday, citing people familiar with the matter.

Shares of the Waltham, Massachusetts-based company rose as much as 44 per cent on the news in regular trading.

The company, which has a market capitalization of $1.92 billion, said it does not comment on rumour or speculation.

According to the Bloomberg report, the advisers have begun contacting other potential suitors and the company could opt to remain independent.

Tesaro has received acquisition interest from several drugmakers in the past. In July, reports emerged of a possible buyout of the company by Swiss drugmaker RocheHolding AG.

Tesaro's lead ovarian cancer drug, Zejula, competes with Clovis Oncology Inc's Rubraca and AstraZeneca's Lynparza - all of which belong to a closely watched class of new medicines called PARP inhibitors.