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6/17, 5:04 PM (Source: TeleTrader)
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Merck discussing buying Seagen for $28B - report

Merck & Co. Inc. is negotiating a potential acquisition of Seagen Inc., The Wall Street Journal reported on Friday, citing anonymous sources briefed on the issue.

Seagen Inc., whose market value stands at around $28 billion, is a United States-based biotech company focused on monoclonal antibody-based therapies for cancer treatment. The deal is still uncertain, sources warned, adding that other companies are looking at Seagen as a potential takeover target.

The media report sent Seagen's shares up over 18.5% at one point.

Baha Breaking News (BBN) / MS