Merck & Co. already owns a stake in antibody-drug conjugate specialist Seagen. But now, the New Jersey pharma appears to want the whole thing.
The deal, as reported by The Wall Street Journal citing people familiar with the matter, could value Seagen at about $28 billion if it eventually comes through.
Merck and Seagen have been talking about the possibility for some time, and a deal isn’t imminent, the people told WSJ. The two could eventually opt for a marketing collaboration instead, some of those people told WSJ.
Merck may not be the only suitor, with others also eyeing the cancer-focused biotech, some of the people told WSJ.
Through a 2020 deal, Merck acquired 5 million shares of Seagen for $1 billion. The Big Pharma company also paid $600 million upfront for the biotech’s LIV-1-targeting antibody-drug conjugates (ADCs) including the most advanced ladiratuzumab vedotin.
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