Seagen Stock Soars On Pfizer Takeover Talks: What's Going On?

Seagen Inc (NASDAQ: SGEN) shares are trading higher Monday following reports indicating pharmaceutical giant Pfizer Inc (NYSE: PFE) is considering acquiring the biotech company.

What To Know: According to a Wall Street Journal report citing people familiar with the matter, Pfizer is in early stage talks to acquire Seagen. 

There is no guarantee that a deal will be reached and even if the companies come to an agreement, the deal is likely to face a potentially lengthy antitrust review.

Last year, WSJ reported that Seagen was in advanced talks to be acquired by Merck & Co Inc (NYSE: MRK), but an agreement never came to fruition. 

The report notes that Pfizer acquired both Global Blood Therapeutics Inc and Biohaven Pharmaceutical Holdings Co for more than $15 billion combined last year. Still the company has a sizable cash position of nearly $23 billion. Seagen had a market cap of $30.142 billion as of Friday's close, according to Benzinga Pro.

See Also: Pfizer In Early Talks To Buy Cancer-Focused Seagen: WSJ

SGEN Price Action: Seagen has a 52-week high of $183 and a 52-week low of $105.43. 

The stock was hovering near its 52-week highs, last up 12.8% at $182 Monday morning, according to Benzinga Pro.

Photo: courtesy of Pfizer.