Check out what’s clicking on FoxBusiness.com.
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.
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. INC. | 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.
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.
