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Shares of China Biologic Products Holdings  (CBPO - Get Report) jumped more than 11% after the biopharmaceutical company announced that it has received a "preliminary non-binding proposal" to take the company private for $120 a share in cash.

The offer is a 16% premium to its closing price of $103.14 on Wednesday. The stock was trading up $11.54 to $114.68 on Thursday. The stock hit a 52-week high of $115.74 earlier in the trading session, which is also its highest level since spring 2017.

The offer is from a group of companies including Beachhead Holdings Limited, CITIC Capital China Partners IV, L.P., PW Medtech Group Limited, Parfield International Ltd., HH Sum-XXII Holdings Limited and V-Sciences Investments Pte. Ltd.

In a statement, China Biologic's board cautioned shareholders and investors that it has just received the proposal letter "and no decisions have been made with respect to the company's response to the transaction."

The company is headquartered in Beijing and manufactures more than 20 different dosage forms of plasma products through subsidiaries and has an equity investment in Xi'an Huitian Blood Products Co. It also sells medical devices to hospitals, distributors and other healthcare facilities in China.