Seagen Stock Leaps On Report Of $40 Billion Takeover By Merck

Seagen  (SGEN) – Get Seagen Inc. Report shares powered higher Thursday following a report from the Wall Street Journal that it’s in advanced takeover talks with drugmaker Merck & Co.  (MRK) – Get Merck & Company Inc. Report that could value the cancer specialist at around $40 billion.

The Journal said Merck and Seagen are looking towards a $200 per share price for the Bothell, Washington-based group, and hope to unveil a deal prior to Merck’s second quarter earnings report, which is due on July 28. Analysts suggest the loss of patent exclusivity on its blockbuster cancer treatment Keytruda in 2028 is driving the group’s near-term need for a revenue replacement.

Source: https://www.thestreet.com/markets/seagen-stock-leaps-on-report-of-40-billion-takeover-by-merck?puc=yahoo&cm_ven=YAHOO&yptr=yahoo