Multinational pharmaceutical company
is in discussions to acquire biotech firm
in a deal that could be worth more than $30 billion, The Wall Street Journal reported.
Seagen (ticker: SGEN) is currently valued at about $30 billion and a buyout would likely require a premium to that. The talks are still at an early stage and there is no guarantee of a transaction, the report said, citing unidentified people familiar with the situation.
Seagen rose 15.9% in premarket trading. Pfizer (PFE) was down 1.9%. Seagen didn’t immediately respond to a request for comment early Monday. Pfizer declined to comment.
The move would give Pfizer a stronger lineup of cancer treatments. Seagen has developed a class of agents that have shown promise to be effective against some of the most common tumors.
Seagen was in talks to be acquired by Merck last year, but no agreement was reached. Pfizer has plenty of cash after generating some $22.7 billion in sales from Covid-19 vaccines and other products.
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