Seagen Shares Rise Premarket as Merck Reportedly Moves Closer to Deal
July 07 2022 - 6:31AM
Dow Jones News
By Colin Kellaher
Shares of Seagen Inc. rose 5% in premarket trading Thursday
after The Wall Street Journal reported that Merck & Co. is
closing in on a takeover of the biotechnology company in a deal
that could be worth $40 billion or more.
The Journal, which last month reported that Merck was circling
Seagen, said the companies are discussing a purchase price topping
$200 a share.
That is well above Wednesday's closing price of $175.13 and more
than 35% above the Seattle company's closing price of share price
of $146.78 on June 16, before the initial report from The
Journal.
Shares of Seattle-based Seagen, which currently sports a market
capitalization of around $32.5 billion, were recently changing
hands at $183.87, up 5%, in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 07, 2022 06:16 ET (10:16 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Merck (NYSE:MRK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Merck (NYSE:MRK)
Historical Stock Chart
From Apr 2023 to Apr 2024