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The firm's share price was up by 15 per cent in midday trading yesterday (April 6th), according to Proactiveinvestors.co.uk.
Discussions are currently at an early stage and further announcements will be made in due course, the company's board announced.
Renovo develops drugs that reduce scarring and accelerate healing.
The company has more than 190 million ordinary shares that are traded on the London Stock Exchange.
Recently, non-executive director Dr David Feigal retired from the post to join the company's Scientific and Clinical Advisory Board.
In other stock market news, the FTSE 100 was dragged back down yesterday after mining stocks fell into the red.
The biggest faller was Rio Tinto, which saw its shares drop by 169p to 2321p after being downgraded by Societe Generale.
