Pfizer reportedly eyeing French biotech firm Cellectis

Shares in French biotech company Cellectis (Euronext: Paris: ALCLS) jumped as much as 14% on the news that US drug major Pfizer (NYSE: PFE) was considering an acquisition.

Sources close to the matter said that Cellectis was in talks about its potential sale, and that Pfizer was one of the buyers, though no outcome was guaranteed. The Financial Times reported that one source said Pfizer had informally approached Cellectis regarding a deal worth up to $1.66 billion.

Pfizer already owns 9.47% of Cellectis due to a partnership to develop cancer drugs, and a full acquisition would strengthen Pfizer’s position in immuno-oncology. Cellectis raised $228 million in an IPO in March, and specializes in Car-T therapies, making it a competitor to Novartis (NOVN: VX) and Kite Pharma (Nasdaq: KITE). Although potentially highly effective, some have expressed concerns over the high activity of these kinds of treatments and the potential to damage healthy tissue. Shares hit $46.89 on Nasdaq, putting the company’s market value at $1.6 billion. The March offering was priced at $41.50.