February 25, 2020 / 7:33 PM / 2 months ago

Iovance Biotherapeutics exploring potential sale: Bloomberg News

(Reuters) - Iovance Biotherapeutics Inc (IOVA.O) is exploring a sale and has held preliminary talks with potential buyers, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Shares of the U.S.-based cancer drug developer soared nearly 30%.

The company is testing a cell therapy as a treatment for melanoma, a serious type of skin cancer.

Iovance, which had a market value of $3.12 billion as of Monday’s close, declined to comment.

The sources said that no final decision has been made and Iovance could opt to remain independent, according to the Bloomberg report. (bloom.bg/2SXYe59)

Reporting by Manas Mishra and Trisha Roy in Bengaluru; Editing by Shailesh Kuber

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