Merck Inks Multibillion-Dollar Deal With Seattle Genetics, Including Equity
Merck & Co (NYSE: MRK) and Seattle Genetics (NASDAQ: SGEN) have agreed to terms in a licensing and equity-investment deal that could be worth $4.2 billion to Seattle Genetics.
Specifically, Merck's paying $600 million upfront and up to $2.6 billion in progress-determined milestone payments for global co-development and co-commercial rights to Seattle Genetics ladiratuzumab vedotin, an antibody-drug conjugate targeting various cancer indications. Merck's also acquiring $1 billion in shares in Seattle Genetics at $200 per share, which is a significant premium to Seattle Genetics' $150 closing price on Friday.
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Source Fool.com
