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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 -0.01% /zigman2/quotes/209909728/delayed XE:MRK +0.05% is in advanced talks to acquire Seagen Inc. /zigman2/quotes/203326163/composite SGEN +1.18% 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
$ 90.59
-0.01 -0.01%
Volume: 5.66M
Aug. 16, 2022 4:05p
P/E Ratio
13.87
Dividend Yield
3.05%
Market Cap
$229.11 billion
Rev. per Employee
$850,324
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/zigman2/quotes/209909728/delayed
XE : Germany: Xetra
184.10
+0.10 +0.05%
Volume: 53,213
Aug. 17, 2022 2:36p
P/E Ratio
24.18
Dividend Yield
1.00%
Market Cap
€80.85 billion
Rev. per Employee
€347,267
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/zigman2/quotes/203326163/composite
US : U.S.: Nasdaq
$ 170.52
+1.99 +1.18%
Volume: 1.26M
Aug. 16, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$31.08 billion
Rev. per Employee
$664,625
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