Janux Therapeutics, Inc. (NasdaqGM:JANX) is exploring options, including a potential sale, after receiving takeover interest from larger pharmaceutical companies, people with knowledge of the matter said. The company, which develops tumor-activated immunotherapies to treat cancer, is working with a financial adviser to evaluate possibilities including a sale, according to the people, who asked not to be identified discussing confidential information. The business is likely to draw interest from bigger drugmakers who are keen to acquire new medicines to replenish their portfolios or expand into cancer treatments, the people said.

Janux shares have quadrupled this year, giving the company a market value of $2.3 billion. The shares, which rose as much as 22% on April 10, 2024, closed up 11% to $44.62 in New York trading. Deliberations are ongoing and there is no guarantee they will result in a transaction, the people said.

San Diego-based Janux didn?t immediately respond to emails or calls seeking comment.