Abivax shares jumped after fresh media reports revived speculation that U.S. drugmaker Eli Lilly is exploring a takeover of the French biotech company.

The stock was up 9% in Paris by 04:21 ET (09:21 GMT) on Monday, while its U.S. shares surged 10% in premarket trading. 

According to French publication La Lettre, representatives from Eli Lilly met with France’s Treasury in early December to assess the regulatory framework surrounding a potential acquisition.

The stock had already moved sharply earlier this month after initial takeover rumors circulated, with investors betting that Eli Lilly could be weighing a formal offer for the company. An Eli Lilly spokesperson told Reuters then that the company does not comment on “business development activity.”

Abivax has been in focus since July, when it reported positive Phase 3 trial results for its lead drug candidate, obefazimod, which is being developed to treat ulcerative colitis.

The data release triggered an extraordinary rally in the company’s Paris-listed shares, which surged more than 500% in a single session as investors reassessed the drug’s commercial potential.

Following the trial results and the sharp re-rating of the stock, Abivax also moved to tap capital markets, filing for an offering of up to $400 million in American Depositary Shares.

Eli Lilly earlier this month completed the acquisition of Adverum Biotechnologies, a U.S. gene therapy developer, expanding its pipeline in ophthalmology. The deal gave Lilly full control of Adverum’s late-stage gene therapy program for eye disease.

Lilly agreed to pay $3.56 per share in cash for Adverum, plus contingent value rights tied to regulatory and commercial milestones for the therapy program.