Rumours that Takeda Pharmaceutical Co was considering a takeover bid have sent the share price of Alizyme soaring.

The UK biotechnology firm’s stock soared 36.6% to almost 13 pence after rumours emerged that the Japanese drugmaker was planning to make an offer worth around 20 pence per share for the Cambridge-based group. The two firms are already partners as Alizyme granted Takeda licensing and development rights in Japan in August 2003 for the obesity drug cetilistat. The treatment is set to go into Phase III studies soon.

The Osaka-based firm seems not to be aware of any deal and a spokesman, Masataka Matsumoto, told Bloomberg that “we haven't bid for the company and we're not in negotiations to buy the company''. He declined to comment about the possibility of a bid in the future.

Whether a takeover is in the offing or not, the rumours have done no harm to Alizyme’s share price. Furthermore, it has boosted the firm’s market value to over £28 million, thus pushing it over the £25 million cut-off point for being removed from the FTSE Small Cap index.

Alizyme’s stock has been struggling since the end of July when the company revealed that its ulcerative colitis agent Colal-Pred proved less effective than standard therapy.