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☆ Pfizer in talks to buy cancer drugmaker Seagen - WSJ
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

Feb 27 (Reuters) - Pfizer Inc (PFE.N) is in early-stage talks to acquire cancer drugmaker Seagen Inc (SGEN.O) in a potential multi-billion dollar deal, the Wall Street Journal reported, after advanced discussions between Merck (MRK.N) and Seagen fell through last year. Seagen had a market capitalization of roughly $30 billion, as of Friday's close. Its shares have fallen nearly 10% since July, when the deal talks with Merck were first reported. Pfizer declined to comment on the WSJ report, while Seagen did not immediately respond to a Reuters request for comment. Merck, which bought ADC-maker Imago BioSciences for $1.35 billion in November, is unlikely to show renewed interest in Seagen, analysts said.

☆ Wall Street edges higher after last week's rout
▼ + stars: | 2023-02-27 | by ( Sruthi Shankar | ) www.reuters.com time to read: +4 min

"Some relatively significant losses last week is the starting point," said Art Hogan, chief market strategist at B Riley Wealth. "Also, when you look at the drivers last week, better-than-expected economic data pushed yields higher. The yield on two-year Treasury notes , the most sensitive to short-term rate expectations, slipped after touching a near four-month high earlier. Seagen Inc (SGEN.O) surged 10.5% after the Wall Street Journal reported that Pfizer (PFE.N) was in early talks to acquire the biotech firm. The S&P index recorded three new 52-week highs and three new lows, while the Nasdaq recorded 51 new highs and 64 new lows.

☆ Wall Street climbs after worst weekly selloff of 2023
▼ + stars: | 2023-02-27 | by ( Sruthi Shankar | ) www.reuters.com time to read: +4 min

"February historically is the second worst month of the year for the stock market. So investors are concluding from a seasonal perspective that maybe stocks could rally at least in the near term." The yield on two-year notes , the most sensitive to short-term rate expectations, slipped after touching a near four-month high earlier in the session. After last week's hawkish comments from the Fed policymakers, investors will turn to Fed Governor Philip Jefferson's speech later in the day. Seagen Inc (SGEN.O) surged 12.2% after the Wall Street Journal reported that Pfizer (PFE.N) was in early talks to acquire the biotech firm.

☆ Wall Street set for opening gains after sharp weekly losses
▼ + stars: | 2023-02-27 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

Futures pointed to a recovery in sentiment on Monday as U.S. Treasury yields slipped after a strong rally. Rate-sensitive growth stocks such as Apple Inc (AAPL.O) and Amazon.com Inc (AMZN.O) climbed in premarket trading. So investors are concluding from a seasonal perspective that maybe stocks could rally at least in the near term." After last week's hawkish comments from the Fed policymakers, investors will turn to Fed Governor Philip Jefferson's speech later in the day. Seagen Inc (SGEN.O) surged 13.2% after the Wall Street Journal reported that Pfizer (PFE.N) was in early talks to acquire the biotech firm.

☆ Futures rise after Wall Street's worst weekly rout of 2023
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.41%, S&P 0.46%, Nasdaq 0.53%Feb 27 (Reuters) - Futures tracking the main U.S. indexes rose on Monday after Wall Street posted its worst weekly performance of 2023 on fears that the Federal Reserve would keep raising rates this year. Futures pointed to a slight recovery in market sentiment on Monday as some of the rate-sensitive growth stocks rose in premarket trading. ET, Dow e-minis were up 135 points, or 0.41%, S&P 500 e-minis were up 18.25 points, or 0.46%, and Nasdaq 100 e-minis were up 64 points, or 0.53%. Seagen Inc (SGEN.O) surged 14.9% after the Wall Street Journal reported that Pfizer (PFE.N) was in early talks to acquire the biotech firm. Reporting by Sruthi Shankar in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ Pfizer in talks to buy Seagen for likely for more than $30 bln - WSJ
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: 1 min

Feb 26 (Reuters) - Pfizer Inc (PFE.N) is in early talks to acquire drugmaker Seagen Inc (SGEN.O), the Wall Street Journal reported late on Sunday, citing people familiar with the matter. Seagen has a market value of some $30 billion and would be expected to command a premium over that, the report said, adding that the deal talks are in preliminary stages. Pfizer declined to comment on the report, while Seagen did not immediately respond to Reuters request for a comment. Seagen was in advanced talks last year to be acquired by Merck (MRK.N), in a deal that would have been worth $40 billion or more, the Journal reported at the time, but the two sides failed to reach agreement. Reporting by Rahat Sandhu in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves premarket: Best Buy, Seagen, Union Pacific and more
▼ + stars: | 2023-02-27 | by ( Pia Singh | ) www.cnbc.com time to read: +1 min

Union Pacific — Shares rose 9.5% after the company said CEO Lance Fritz would have a successor named this year. Best Buy — The retailer slipped 1.5% in the premarket after being downgraded to market perform from outperform by Telsey Advisory Group. The Wall Street firm said it expects high inflation and rising interest rates to weigh on Best Buy's 2023 sales and profits. The Omaha-based company used $2.855 billion to buy back shares in the quarter. Alliant Energy — Shares dropped more than 3% after the company reported that it intends to offer $500 million of its convertible senior notes due 2026.

☆ Jim Cramer's top 10 things to watch in the stock market Monday: Bouncing stocks, Club earnings ahead, inflation signs
▼ + stars: | 2023-02-27 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

My top 10 things to watch Monday, Feb. 27 1. One of the things we talked about was the first thing you must do before you buy a single stock. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

☆ Stocks making the biggest moves midday: Union Pacific, Fisker, Tesla, Zillow and more
▼ + stars: | 2023-02-27 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Union Pacific – Union Pacific's stock nearly 10% after the company announced that its current CEO would step down in 2023. Fisker – Shares of the electric vehicle startup surged more than 27% after Fisker maintained its 2023 vehicle production target and said it spent less than anticipated in 2022. To be sure, the company posted a larger-than-expected loss and revenue miss for the fourth quarter, according to StreetAccount. Alphabet — Google's parent company gained 0.6% after Bank of America reiterated its overweight rating, citing the technology giant's opportunities within artificial intelligence. Zillow — The online real estate platform gained 2.4% after JPMorgan initiated coverage of the stock with an overweight rating.

☆ Pfizer in Talks to Acquire Seagen in Deal Likely Valued at More Than $30 Billion
▼ + stars: | 2023-02-26 | by ( Jared S. Hopkins | Jonathan D. Rockoff | ) www.wsj.com time to read: 1 min

Pfizer, one of the world’s biggest pharmaceutical companies, is flush with cash. Pfizer Inc. is in talks to acquire biotech Seagen Inc., according to people familiar with the matter, the latest potential deal for a big drug company aimed at adding a promising class of targeted cancer therapies. The talks are at an early stage and there is no guarantee there will be a deal, the people said. A number of hurdles would need to be overcome, including the potential for a stringent antitrust review of any proposal. If there is a deal, it would be big: Seagen has a market value of some $30 billion and would be expected to command a premium over that.

☆ This biotech hedge fund has elite clients like Yale’s endowment, Tisch. Here are its top bets
▼ + stars: | 2023-02-17 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Baker Bros. Advisors, a secretive hedge fund that counts Yale University's endowment and the Tisch family as its clients, held onto a slew of its favorite biotech names last quarter. Its portfolio has grown to be the 15th-biggest among U.S. hedge funds through 2022, according to FactSet, despite its lack of notoriety. The hedge fund specializes in biotech investing as the founders, now in their 50s, take advantage of their educational background in immunology, riding on the explosive growth in the sector over the past decade. Meanwhile, Yale's charitable foundation has invested in 667 LP — a Baker Bros. vehicle — since at least 2009. The hedge fund slightly increased its exposure to Madrigal Pharmaceuticals and Rhythm Pharmaceuticals last quarter, the filing showed.

☆ Key inflation data in the week ahead will offer clues to future Fed rate moves and the market's path
▼ + stars: | 2023-02-11 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Looking forward The January consumer price index (CPI) , which calculates the average change over time in prices that shoppers pay for goods and services, is slated for Tuesday. Economists and investors will use the number to gauge the odds of a soft landing or hard landing for the economy. The producer price index (PPI) for January, which calculates the change in selling prices received by producers of goods and services, is out on Thursday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Big Pharma will find right formula for M&A binge
▼ + stars: | 2022-12-20 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

The year 2022 was relatively thin for pharma M&A, with deals worth nearly $66 billion being announced by early December – 60% below the 9-year average, according to Refinitiv data; 2023 will be better. It helps that drug companies are relatively healthy, with debt around just 1.6 times forecast EBITDA in 2023, according to Berenberg analysts. Seagen (SGEN.O), for example, worth $22 billion in early December, has fought off Merck & Co (MRK.N). That puts Big Pharma in an ideal negotiating position. CONTEXT NEWSGlobal pharmaceutical companies spent nearly $66 billion on takeovers in 2022, according to data from Refinitiv as of Dec. 7.

☆ Mirati attracts fresh takeover interest - Bloomberg News
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

Nov 22 (Reuters) - Mirati Therapeutics Inc (MRTX.O) is attracting fresh takeover interest from large pharmaceutical companies ahead of updates to its drug pipeline, Bloomberg News reported on Tuesday, citing people with knowledge of the matter. Larger drugmakers have been considering taking over the company, the report said, although there are currently no formal bids. Mirati has become a more attractive target for companies seeking to expand their cancer treatment offerings since larger rival Seagen Inc. (SGEN.O) opted to stay independent. The cancer drug developer has been weighing strategic options including a potential sale for some time, the report added. Reporting by Leroy Leo in Bengaluru; Editing by Krishna Chandra Eluri and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Merck to acquire Imago BioSciences for $1.35 bln
▼ + stars: | 2022-11-21 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - Merck & Co Inc (MRK.N) said on Monday it will acquire cancer drug developer Imago BioSciences Inc (IMGO.O) for a total equity value of $1.35 billion to expand its portfolio of blood disorder treatments. The drugmaker's offer of $36 per share in cash for Imago represents a nearly 107% premium to the company's last close. With Merck's blockbuster cancer immunotherapy Keytruda expected to lose key patents in 2028, the company has been trying to expand its drug portfolio. Imago, which develops drugs for the treatment of bone marrow-related diseases, is currently testing its lead drug bomedemstat for treating a chronic cancer known as myeloproliferative neoplasms. The Imago deal is expected to close in the first quarter of 2023, according to the companies.

☆ Final Trades: Honeywell, XPO Logistics, Seagen & more
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: Honeywell, XPO Logistics, Seagen & moreThe "Halftime Report" traders give their top picks to watch for the second half.

☆ Stocks making the biggest moves midday: Wynn Resorts, Planet Fitness, AMC, Lyft and more
▼ + stars: | 2022-09-26 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

An exterior view shows Encore Las Vegas (L) and Wynn Las Vegas as the coronavirus continues to spread across the United States on March 15, 2020 in Las Vegas, Nevada. Las Vegas Sands, Wynn Resorts — Shares of the casino operators both soared about 11% after Macao announced its plan to allow Chinese tour groups back in the casinos as soon as November. Chegg — Shares of the educational tech company jumped more than 6% after Needham upgraded the company to a buy rating from hold. Planet Fitness - The gym stock jumped 2% after Raymond James upgraded Planet Fitness to strong buy from market perform. Lyft – Shares of the ride hailing company fell about 3% after UBS downgraded the stock to neutral from a buy.

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