Seagen's stock surges almost 15% after a report that Pfizer is in talks to buy the cancer-focused biotech
Seagen's shares surged as much as 10.9% to $178.93 at last check on Monday after the WSJ report, which cited people familiar with the matter. Pfizer shares edged 1.5% lower to $41.14.
Last year, Seagen was in advanced talks to be bought by German pharmaceutical giant Merck in a deal $40 billion or more. But the deal fell through when the two sides failed to reach an agreement, and Seagen's shares have dropped almost 10% since reports of the Merck talks first emerged in July.
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