Executives from Merck & Co. (NYSE:MRK) and Seagen (Nasdaq:SGEN) are reportedly considering a $40 billion acquisition deal.
Readington, New Jersey–based Merck has offered to spend about $200 per share for Seagen, according to The Wall Street Journal.
Executives from the company aim to finalize the deal before Merck announces its Q2 earnings on July 28, according to WSJ.
Seagen shares were up about 2%, trading at $178.56 in afternoon trading.
Merck shares held steady, hovering around $92.90.
In a Q1 earnings call, Merck CEO Robert M. Davis said the company is working to diversify its business as it plans to lose exclusivity for its megablockbuster immunotherapy drug Keytruda. “In oncology, we remain committed to building on the foundational position that we have achieved with Keytruda, and we aim to expand our presence in this key therapeutic area and to establish an enduring leadership position,” Davis said.
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