Merck in talks to buy cancer biotech Seagen: report
The deal could be worth roughly $40 billion or more with a price above $200 a share for Seagen
Drugmaker Merck & Co is reportedly in advanced talks to buy cancer-focused biotech company Seagen Inc.
The deal could be worth roughly $40 billion or more, according to the Wall Street Journal.
A deal would help Merck add to its cancer drug portfolio.
Merck is reportedly in talks to acquire Seagren inc. (Photo: Merck)
The immunotherapy drug Keytruda is Merck's top-selling product with $17.2 billion in sales last year.
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Seagen's products include Adcetris, which had $1.4 billion in sales last year.
The companies are discussing a price above $200 a share for Seagen.
Shares of Seagen, are up more than 2% in the premarket at $180 on Thursday. Merck shares were at $93.
Robert M. Davis, CEO of Merck. (Photo: Merck)
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There's no guarantee that the two sides will reach a deal, according to the Journal.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRK | MERCK & CO. INC. | 99.83 | +2.40 | +2.46% |
| SGEN | NO DATA AVAILABLE | - | - | - |
Any proposed deal is expected to draw a close look from antitrust officials.
Merck's COVID-19 pill reduced hospitalizations and deaths by half. (Merck & Co. via AP / AP Newsroom)
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Merck and Seagen are seeking to seal a deal on or before the announcement of Merck's second fiscal-quarter earnings set for July 28, according to the Journal.
Seagen declined to comment on the report.
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Merck did not immediately respond to request for comment.