SGEN - Seagen gains as antitrust deadline for Pfizer purchase nears on Monday

2023-06-09 14:52:57 ET

Seagen ( NASDAQ: SGEN ) rose 1.2% ahead of a Monday deadline for an antitrust initial review of its planned $43 billion sale to Pfizer ( NYSE: PFE ).

The Hart-Scott-Rodino deadline for the Federal Trade Commission's initial look at the acquisition of the cancer drugmaker is expected to expire Monday night. Pfizer ( PFE ) and Seagen ( SGEN ) filed with antitrust regulators i n regards to the deal on May 15.

The FTC could choose to ask for a more in-depth review, known as a second request," or it could clear the purchase, or Pfizer ( PFE ) could choose to pull the filing with the regulator and re-file it, according to traders.

While the $229 per share deal for Seagen ( SGEN ), announced in March , didn't initially appear to raise antitrust concerns, M&A investors have been worried since the FTC unexpectedly sued last month to block Amgen's ( AMGN ) planned $27 billion purchase of Horizon Therapeutics ( HZNP ). That case will be heard in an Illinois federal court in September.

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