By Colin Kellaher

 

Shares of Seagen Inc. jumped 10% on Friday after The Wall Street Journal reported that Merck & Co. is considering a takeover of the biotechnology company.

The Journal, citing people familiar with the matter, said talks have been underway for a while but that a deal isn't imminent.

Seagen, based in Bothell, Wash., sports a market capitalization of about $27 billion. Other unnamed suitors are also eying the company, The Journal reported.

Seagen shares were recently changing hands at $161.79, up 10%, while Merck shares edged up 0.4% to $85.19.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

June 17, 2022 10:51 ET (14:51 GMT)

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