Shares for Icagen jumped more than 120% yesterday after news the biotech firm was contemplating a deal with drug giant Pfizer.

On Friday, Pfizer stated in a US Securities and Exchange Commission filing that it was in talks with Icagen over a “potential strategic transaction”, which could be a stock or asset acquisition or merger. Icagen confirmed it was in preliminary discussions and saw its shares on Friday jump 67%, which continued to rocket north yesterday – more than doubling to $5.75 at one point.

Pfizer already holds a 14.2% stake in Icagen and according to Friday’s statements it is “evaluating the possible extension or other modification of the existing collaboration agreement” with the biotech, which could have the effect of influencing or changing the control of Icagen.

The two companies have been partners since 2007 when a research and licensing deal was agreed for the development of pain drugs. The agreement saw Pfizer picking up the tab for development and commercialisation. On 20 June, the companies announced their lead candidate had entered Phase I trials.

No definitive agreement has yet been reached between the two parties and no other details have been released.