: Seagen's stock surges after WSJ reports billion-valued biotech is being eyed by Merck #FinanceUSA #StockMarketNEWS Shares of Seagen Inc. shot up 14.7% toward a seven-month high in morning trading
@stockMarketNEWS 9 Days ago
Seagen's stock surges after WSJ reports billion-valued biotech is being eyed by Merck #FinanceUSA #StockMarketNEWS
Shares of Seagen Inc. shot up 14.7% toward a seven-month high in morning trading Friday, after The Wall Street Journal reported that Merck & Co. Inc. is looking into buying the cancer-focused biotechnology company. Meanwhile, drug-maker Merck's stock eased 0.2%. Although terms of a potential buyout were not mentioned in the report, Seagen's market capitalization was about .2 billion at current stock prices. Citing people familiar with the matter, the WSJ report said talks have been under way for a while and a deal isn't imminent, and the companies could only strike a marketing agreement. Seagen's stock has climbed 8.9% year to date and Merck shares have advanced 10.6%, while the iShares Biotechnology ETF have tumbled 28.4% and the Dow Jones Industrial Average as lost 18.1%.
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