Merck/Seagen Potential Deal Talks Pick Up Speed: WSJ

Merck & Co Inc MRK is pushing forward with a potential deal for Seagen Inc SGEN, Wall Street Journal reported, citing people familiar with the matter.
The Journal mentioned that the deal could be one of the largest takeovers of the year.
The Wall Street Journal reported last week that Merck was in talks to buy Seagen, which would bolster the pharma giant's cancer-drug portfolio, but no agreement was imminent.
Related: SVB Leerink's Pro-forma Analysis Of Speculated Merck/Seagen Deal - What Investors Need To Know.
The talks have picked up the pace. The companies are scheduled to meet this week, some people said.
WSJ could not tell if Merck had already submitted a formal offer for Seagen.
Merck may not be the only suitor, with others also eyeing the cancer-focused biotech, some people told WSJ.
The WSJ report notes the tricky nature of the deal, given the heightened risk of a regulatory challenge.
Through a 2020 deal, Merck acquired 5 million shares of Seagen for $1 billion. It also paid $600 million upfront for Seagen's LIV-1-targeting antibody-drug conjugates, including the most advanced ladiratuzumab vedotin for breast cancer and other solid tumors.
The companies have also teamed up on Seagen's HER2 small molecule drug Tukysa. Merck holds Tukysa rights in Asia, the Middle East, and Latin America.
Price Action: SGEN shares are up 3.45% at $180.00, and MRK stock is down 0.25% at $91.77 during the premarket session on the last check Friday.