Merck in talks to buy cancer biotech Seagen: report

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.

MERCK COVID-19 PILL SUCCESS SLAMS MODERNA SHARES, SHAKES UP HEALTH CARE SECTOR

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, closed at $175 on Wednesday. Merck shares were at $93.

Merck CEO

Robert M. Davis, CEO of Merck. (Photo: Merck)

MERCK BUYING ACCELERON PHARMA IN $11.5B DEAL

There’s no guarantee that the two sides will reach a deal, according to the Journal.

ticker security last change Change %
MRK MERCK & CO. INCH. 93.16 +0.55 +0.59%
SGEN SEAGEN INC. 175.13 -1.64 -0.93%

Any proposed deal is expected to draw a close look from antitrust officials.

COVID-19 Treatment

Merck’s COVID-19 pill reduced hospitalizations and deaths by half. (Merck & Co. via AP / AP Newsroom)

DRUGMAKERS RAISED PRICES BY 6.6% ON AVERAGE EARLY THIS YEAR

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.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Merck did not immediately respond to request for comment.

Leave a Comment

Your email address will not be published.