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BioMarin Pharmaceutical shares rise after possible takeover from Roche

Jean-Jacques Bienaime, CEO, BioMarin Pharmaceuticals.
Mark Neuling | CNBC

Shares of BioMarin Pharmaceutical jumped more than 9 percent Thursday in early trading after a Betaville report said Swiss drugmaker Roche may be seeking to acquire it.

The deal could be in the $130 to $150 per share range, but it is not clear if a formal offer has been made or if talks have been held, sources close to the matter told Betaville. Although, one Betaville source said the drugmaker possibly approached BioMarin prior to the Brexit vote and its resulting market impact.

Speculation rose last month that the pharmaceutical company Sanofi may be seeking to acquire BioMarin. But with Sanofi raising its offer for Medivation, Sanofi would appear less likely to pursue Biomarin, Bettaville said. But the biotech company would serve as a decent backup if the Medivation deal falls through, the report suggested.

This wouldn't be the first time reports have spread that Roche is attempting to takeover BioMarin. In 2013, DealReporter said the company was lining up $15 billion in debt financing for an acquisition of the biotech company. With BioMarin on the company's plate, Roche would get a more diverse portfolio in the orphan drug business.

But Roche CEO Severin Schwan later denied the rumors saying the company was not seeking financing.

BioMarin declined to comment and Roche did not immediately respond for CNBC's request for comment.

BioMarin's stock has fallen this year, down more than 15 percent.

BMRN 2016 Chart

Shares of Roche were modestly higher on the day. Roche's stock has also fallen this year, down more than 8 percent.

ROG 2016 Chart