Merck’s bid to buy the cancer-focused Seagen has hit a roadblock after the two companies failed to agree on a price, according to a Bloomberg report published Friday, citing sources familiar with the matter.
On a collaboration streak, Merck is pouring a potential $3.5 billion into a partnership with circular RNA company Orna Therapeutics to develop and commercialize multiple oncology and infectious disease programs.
As the biotech world awaits the announcement of Merck’s anticipated buyout of Seagen, an arbitrator came down on the side of Daiichi Sankyo in a patent battle against the Seattle-based biotech.
Merck is in late-stage discussions to acquire Seagen for about $40 billion, sources told The Wall Street Journal. Seagen is an appealing oncology target for Merck at a time when the latter is looking to bolster its cancer portfolio as mega-blockbuster Keytruda (pembrolizumab) teeters on the patent cliff.