Shares of Seagen Inc. (SGEN) gained 2.5% in premarket trading on Tuesday after the company said an early-stage clinical trial evaluating its investigational treatment for urothelial cancer in combination with Merck & Co. Inc.'s (MRK) Keytruda met its primary endpoint. Seagen is developing the therapy, enfortumab vedotin, with Astellas Pharma Inc. ; it received a Breakthrough Therapy designation in early 2020. The company said in a news release that the combination therapy generated a 64.5% confirmed objective response rate as a first-line treatment for patients with this type of locally advanced or metastatic bladder cancer. It also said the median duration of response was not met. Merck is reportedly in talks to buy Seagen for about $40 billion, according to media reports. Seagen's stock is up 11.8% so far this year, while the broader S&P 500 is down 16.7%.
(END) Dow Jones Newswires
July 26, 2022 07:30 ET (11:30 GMT)
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