Seagen (NASDAQ:SGEN) stock is getting a boost on Thursday as rumors circulate that Merck (NYSE:MRK) is considering a buyout of the biotechnology company.
Rumors that a buyout of Seagen is on the way have been going around for weeks now. However, now it looks like things are heating up with the most recent reports claiming Merck is going to pay a pretty penny for the company.
According to these reports, Merck may be willing to shell out around $40 billion for the biotech company. The reports claim that Seagen and Merck are negotiating a purchase price above $200 per share for SGEN stock.
If true, that represents a significant premium for the company. Its current market capitalization is sitting at $33.2 billion and shares were trading at $175.13 when markets closed on Wednesday. That means Merck’s offer is likely to be at least a 14% premium over yesterday’s close.
The most recent reports concerning the Seagen acquisition claim that Merck wants to iron out the details soon. That’s due to it allegedly wanting the deal announced prior to the release of its Q2 earnings report, The Wall Street Journal notes.
The latest reports have SGEN stock experiencing heavy trading today. As of this writing, more than 2 million shares of the stock have changed hands. That’s already above its daily average trading volume of about 1.4 million shares.
SGEN stock is up 2.4% as of Thursday morning.
There’s more recent stock market news traders will want to know about below!
We’ve got all of that news ready to go in one place for investors! Among it is what’s happening with shares of Faraday Future (NASDAQ:FFIE), Helen of Troy (NASDAQ:HELE), and chip stocks on Thursday. You can read all about these matters at the links below!
More Thursday Stock Market News
- Faraday Future (FFIE) Stock Squeezes 25% Higher
- Helen of Troy (HELE) Stock Falls After Cutting Full-Year Outlook
- Why Are Chip Stocks NVDA, INTC, QCOM, AMD Up Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.