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Talks have been underway for a while and a deal is not imminent because of heightened risk of a regulatory challenge, the Journal reported, adding that it was also possible the two companies could end up signing a marketing agreement instead.
Seagen, which has a market capitalization of $27 billion according to Refinitiv data, is also being looked at by other unnamed suitors, the paper said.
When contacted by Reuters, Seagen said it does not comment on market rumors or speculation. Merck was not immediately available for comment.
Seagen shares rose 15% to $169.17 in late morning trading on Friday.
