New Jersey-based Merck has a market value of more than $234 billion.
Michael Vi/Dreamstime
Merck & Co
is in advanced talks to buy Seagen in a deal that could value the cancer biotech at $40 billion or more, according to a report Wednesday.
The two companies are discussing a price for Seagen (ticker: SGEN) above $200-a-share, The Wall Street Journal reported citing people familiar with the matter, and are looking to agree a deal on or ahead of Merck’s quarterly earnings on July 28. It said there’s no guarantee that the two sides will reach a deal.
Seagen’s stock rose 4.6% to $183.10 in premarket trading on Thursday. Shares in Merck (MRK), which has a market value of more than $234 billion, are down.
Reports that the two companies had begun talks emerged last month.
Write to Lina Saigol at [email protected]
