Why Merck Is Sending Seagen Stock Higher Today

Seagen Inc SGEN shares are trading higher Thursday following reports suggesting Merck & Company Inc MRK is in advanced talks to acquire the company.

According to a Wall Street Journal report citing people familiar with the matter, the two companies are discussing a buyout price above $200 per share. The report also suggests that the companies aim to complete the deal on or before Merck's upcoming earnings report, which is scheduled for July 28, according to data from Benzinga Pro.

There is still no guarantee the companies will reach agreement on a takeover deal.

Related Link: Merck's Potential Buyout Of Seagen Expected Within Next Few Weeks: Report

SGEN Price Action: Seagen has traded between $192.78 and $105.43 over a 52-week period.

The stock was up 3.76% at $181.71 at time of publication.

Photo: Michal Jarmoluk from Pixabay.