- The shares of cancer-focused biotech Seagen ( NASDAQ: SGEN ) have lost ~4% in the morning hours Monday to record the biggest intraday loss since May after the Wall Street Journal reported a potential delay for company’s widely expected buyout deal with Merck ( MRK ).
- Early this month, The Journal said that Merck ( MRK ) was in advanced talks to acquire the Seagen ( SGEN ) in a deal worth about $40B or more. An agreement in this regard was expected on or before Merck’s ( MRK ) quarterly release at the end of July.
- However, in a follow up report, WSJ said that the deal is unlikely to finalize before the pharma giant’s earnings date on July 28.
- The reasons for the delay are said to be an upcoming data readout for the Seagen’s ( SGEN ) bladder-cancer therapy Padcev and an impending outcome of a lawsuit between the company and Japanese drugmaker Daiichi Sankyo ( OTCPK:DSKYF ) ( OTCPK:DSNKY ) over royalty payments.
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Seagen drops most since May on reports of delayed Merck deal