Merck in advanced talks to buy Seagen in nearly USD 40-billion deal: WSJ
The companies are seeking to seal the deal on or before the announcement of Merck's second-quarter earnings set for July 28, according to the WSJ report.;
New Delhi: Drugmaker Merck & Co is in advanced talks to buy cancer-focused biotech company Seagen Inc in a deal that could be worth roughly $40 billion or more, the Wall Street Journal reported on Wednesday.
The companies are discussing a price above $200 a share for Seagen, the report said, citing people familiar with the matter.
At Wednesday's closing share price of $175, Seagen has a market capitalization of $32.24 billion, according to Refinitiv data.
Merck did not immediately respond to a Reuters request for comment outside business hours, while Seagen declined to comment.
Seagen's shares rose about 5% to $184 in premarket trading, while Merck fell 1%.
It makes sense if Merck can close the deal at $250 or below as the acquisition will help the drugmaker fortify its portfolio ahead of top money-spinner Keytruda losing its marketing exclusivity, Wells Fargo analyst Mohit Bansal said.
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