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July 6, 2022, 10:58 p.m. EDT

Merck in talks to buy cancer biotech Seagen for about $40 billion

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Cara Lombardo, Dana Cimilluca, Jonathan D. Rockoff

Merck & Co. /zigman2/quotes/209956077/composite MRK +0.24% /zigman2/quotes/209909728/delayed XE:MRK -0.37% is in advanced talks to acquire Seagen Inc. /zigman2/quotes/203326163/composite SGEN -0.62% and is aiming to finalize a purchase of the cancer biotech in the next few weeks, according to people familiar with the matter, in a deal that could be worth roughly $40 billion or more.

The companies are discussing a price for Seagen above $200 a share and are seeking to seal a deal on or before the announcement of Merck’s second fiscal-quarter earnings, set for July 28, the people said. Seagen’s stock closed at $175.13 on Wednesday.

There is still no guarantee the companies will reach agreement on a takeover deal.

New Jersey-based Merck has a market value of around $235 billion. Acquiring Seagen would help broaden its lineup of cancer drugs, currently led by the blockbuster immunotherapy Keytruda, the company’s top-selling product with $17.2 billion in sales last year.

An expanded version of this report appears on WSJ.com.

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/zigman2/quotes/209956077/composite
US : U.S.: NYSE
$ 89.40
+0.21 +0.24%
Volume: 3.70M
Aug. 11, 2022 1:17p
P/E Ratio
13.66
Dividend Yield
3.09%
Market Cap
$225.54 billion
Rev. per Employee
$850,324
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/zigman2/quotes/209909728/delayed
XE : Germany: Xetra
187.10
-0.70 -0.37%
Volume: 284,884
Aug. 11, 2022 6:30p
P/E Ratio
24.58
Dividend Yield
0.99%
Market Cap
€81.65 billion
Rev. per Employee
€347,267
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/zigman2/quotes/203326163/composite
US : U.S.: Nasdaq
$ 174.57
-1.08 -0.62%
Volume: 186,421
Aug. 11, 2022 1:17p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$32.40 billion
Rev. per Employee
$664,625
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