Enzon Shares Jump on Pfizer Rumor

Shares of Enzon Pharmaceuticals soared Wednesday on rumors that Pfizer , the world's biggest drug maker, was interested in the biopharmaceutical company that specializes in treatments for cancer and other life-threatening conditions.

Enzon shares rose 2.3% to $11.10, near its 52-week high of $11.27, in Wednesday afternoon trading on the Nasdaq.

In November, Enzon agreed to sell most of its business to sigma-tau Group, an Italian drugmaker, for as much as $327 million in addition to royalty payments. Enzon said at the time it planned to focus on its experimental cancer drugs and technologies after the sale. Shareholders are scheduled to vote on the proposed sale at their Jan. 27 meeting.

Neither Enzon nor Pfizer immediately returned messages seeking comment Wednesday.

Last month Enzon began a clinical trial for PEG-SN38, a new drug to treat metastatic breast cancer.