The trigger for a Seagen buyout

Mid-cap biotechs boasting marketed drugs plus a pipeline are pretty rare, so to find one that fits this bill as well as sailing rudderless without a chief exec is indeed special. Little wonder that many think a takeover of Seagen is now inevitable, with Merck & Co cited as the likeliest buyer.

But some analysts are warning not to expect an imminent takeout. One reason for such caution is arbitration between Seagen and Daiichi Sankyo over the technology that lies behind Enhertu; most expect this case to go Seagen’s way, but the extent of the win will have a large impact on Seagen's valuation, potentially to the tune of $5bn.