Shares of Glasgow-based Collagen Solutions soared about 75% on Thursday after it announced it is in discussions “with a number of parties regarding a potential sale of the company.”

Collagen Solutions specializes in producing custom formulations of medical-grade collagen biomaterials and tissues for use in medical devices.

In a stock exchange statement, Collagen Solutions said: “The company announces that following the receipt of interest in the company it has decided to conduct a formal review of the various strategic options available to the company to maximise value for shareholders.

“These options include, but are not limited to, the potential sale of the company or the sale of one or more of the company’s assets.

“To facilitate discussions with interested parties the company announces the commencement of a ‘formal sale process’ as set out by The Takeover Code …”

Collagen Solutions has appointed England & Company, LLC and Goodbody Stockbrokers UC as joint financial advisers.

“Parties with a possible interest in submitting an indication of interest should contact England & Company or Goodbody …” said Collagen Solutions.

“The company confirms that, at the time of this announcement, it is in discussions with a number of parties regarding a potential sale of the company …”