Pfizer Inc is in early-stage talks to acquire cancer drugmaker Seagen Inc in what could be a multi-billion dollar deal, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
Seagen had a market capitalization of roughly $30 billion, as of Friday's close., in a deal that would have been worth $40 billion or more, the Journal reported last year, but the two sides failed to reach an agreement, according to multiple reports.
Seagen's shares have fallen nearly 10% since July, when the deal talks with Merck were first reported. They rose 12.3% to $182 in premarket trading on Monday. Pfizer declined to comment on the WSJ report, while Seagen did not immediately respond to a Reuters request for comment.it expects to lose $17 billion in annual sales between 2025 and 2030 due to patent expirations for top drugs, and sales of its COVID-19 products have begun to decline after they contributed to an unprecedented surge in revenue.
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