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Seagen stock opened 13% up on Monday: find out why

Seagen Inc (NASDAQ: SGEN) opened more than 10% up this morning on reports that Pfizer Inc (NYSE: PFE) is interested in buying the cancer therapies company.

Here’s what we know so far

On Monday, anonymous sources told the Wall Street Journal that talks are currently at a preliminary stage and the prospect of a “no deal” remains on the table.

It is noteworthy here that Merck & Co had also shown interest in acquiring Seagen Inc last year (read more) in a deal that would have been valued at over $40 billion. Talks between the two companies, however, had concluded without an agreement.

Earlier in February, Seagen reported its financial results for the fourth quarter that topped Street estimates. Versus the start of 2023, “SGEN” is up close to 40% at writing.

BMO analyst reacts to the report

If Pfizer indeed proceeds with a formal proposal in the coming weeks, it would be a major deal considering Seagen still has a market cap of nearly $34 billion and the takeover would demand a premium on top of that.

The potential valuation of such an agreement will likely call upon a stringent regulatory review as well. Nonetheless, if Pfizer succeeds in buying the Bothell-based biotechnology company, it’ll get to meaningfully expand on its footprint in cancer treatments.

Pfizer Inc spends billions on dividend payments and stock repurchase to maximise shareholder value. But it still has enough cash on hand to make such a prominent acquisition. According to Evan Seigerman – Analyst at BMO Capital Markets:

After a year of waiting for something impactful, this may be it.

The post Seagen stock opened 13% up on Monday: find out why appeared first on Invezz.

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