Seagen Stock Soars Over Pfizer Takeover Talks: What's Happening?

Shares of Seagen Inc SGEN are trading higher on Monday following reports that pharmaceutical giant Pfizer Inc PFE is planning to acquire the biotech company.

What you need to know: According to a Wall Street Journal report citing people familiar with the matter, Pfizer is in preliminary talks to acquire Seagen.

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

Last year, WSJ reported that Seagen was in advanced talks to be acquired by Merck & Co Inc MRK, but a deal 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 preliminary 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 near its 52-week highs, with a latest rise of 12.8% to $182 on Monday morning, according to Benzinga Pro.

Photo: courtesy of Pfizer.

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