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Drugmaker Merck & Co is in advanced talks to buy cancer-focused biotech company Seagen Inc in a deal that could be worth roughly $40 billion or more, the Wall Street Journal reported on Wednesday.
The companies are discussing a price above $200 a share for Seagen, the report said, citing people familiar with the matter.
At Wednesday's closing share price of $175, Seagen has a market capitalisation of $32.24 billion, according to Refinitiv data.
Merck did not immediately respond to a Reuters request for comment outside business hours, while Seagen declined to comment.
Seagen's shares rose about 5% to $184 in premarket trading, while
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