- Merck & Co Inc (NYSE: MRK) is reportedly mulling buying cancer-focused biotech Seagen Inc (NASDAQ: SGEN), Wall Street Journal reported citing people familiar with the matter.
- If the deal happens, it would be significant, given Seagen's market value of roughly $28 billion.
- According to the report, some people said other unnamed suitors are also eying Seagen, a perennially speculated takeover target.
- Also Read: Amid Domestic Violence Allegation, Longtime Seagen CEO Takes Leave of Absence.
- Talks have been underway for a while, the people said.
- Though the people cautioned that pulling off the deal could be tricky given the heightened risk of a regulatory challenge.
- WSJ also mentioned that a marketing agreement is also possible between Merck and Seagen.
- Related: Read Why This Analyst Is 'Encouraged' By Seagen's Q1 Sales.
- Price Action: SGEN shares are up 13.30% at $166.26, and MRK stock is up 0.06% at $84.94 during the market session on the last check Friday.
- Photo via Pixabay
Read at Benzinga