Merck in advanced talks to buy Seagen for almost $40 billion

• Deal would help Merck broaden its lineup of cancer drugs, currently led by Keytruda

Drugmaker Merck & Co (NYSE: MRK) is in advanced talks to acquire cancer-focused biotech firm Seagen Inc (NASDAQ: SGEN), the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The report said Merck is discussing a price above $200 a share for Seagen, which could value the deal at roughly $40 billion.

The Washington-based cancer biotech company has a market capitalization of $32.24 billion at Wednesday’s closing share price.