Seagen (SGEN) to be acquired by Merck (MRK)?

 The Wall Street Journal reported the $40 billion deal for Seagen Inc. is unlikely to be finalized ahead of the pharmaceutical giant’s earnings later this month, though the talks remain on track, according to people familiar with the matter.

• Seagen helped pioneer a class of drugs known as antibody drug conjugates. The therapies take advantage of the honing abilities of antibody drugs to deliver a potent toxin to a specific tumor target.
• As soon as this month, a study evaluating Seagen’s Padcev as a first-line treatment for bladder cancer could produce data. The study is examining Padcev’s use alone and in combination with Keytruda, according to analysts.
• Longtime CEO Clay Siegall, who co-founded the company more than 24 years ago, resigned in May in the wake of allegations of domestic abuse.
  

Oct 8, 2020 :  Seattle Genetics shortened its name to Seagen, dropping local connection as it goes global. The name reflects the company's growth over 23 years from a Seattle-based biotech to an organization with three cancer fighting drugs on the market.

  

May 16, 2022 — Clay Siegall spent 33 hours in jail and was charged with fourth degree misdemeanor assault. 

Seagen CEO and co-founder Clay Siegall, 61, built the Seattle-area biotech into one of the most successful in the world.   A proxy filing also revealed Siegall to be one of the highest-paid executives in the industry, making $18.9 million in 2021.

 

Seagen has gained FDA approvals for four of its cancer treatments. Last year, the company reported $1.6 billion in revenue.
 

Siegall has been the company’s CEO since he co-founded the company, then called Seattle Genetics, in 1998. The company’s first oncology drug, Adcetris, was approved in 2011, and it now has four commercial products and employs 2,800 people in the Seattle area, Canada, Switzerland, and Europe. New plans are also in place to build a 270,000 square foot manufacturing facility north of Seattle. Seagen’s market value is $20 billion and it reported $1.6 billion in revenue last year.

 

Siegall, 61, is alleged to have pushed his 46-year-old wife, Nellie, to the floor and dragged her causing bruises and abrasions.

 

 Clay and Nellie Siegall

• April 23, 2022 : Clay Siegall is arrested and taken to jail in Snohomish County, Washington.
• Seagen CEO's arrest came during a hazy night of booze, sex and alleged violence
• When police arrived at the home sometime near 4 a.m., Nellie Siegall, Siegall’s wife of nearly three years, was at the front door naked and intoxicated, according to the report, with abrasions on her forehead and knees. Clay Siegall was described as “intoxicated” and “assaultive” as he denied the abuse.
• A summary of jail calls between Siegall and his wife shows that a day after the arrest, Siegall “thanked her for the possibility that he may get fired and that she may have ruined his career.” Siegall was released on April 24.
  
• April 28: Clay Siegall filed for divorce from his wife, Nellie.
• May 15: Seagen CEO and co-founder Clay Siegall resigned from Seagen.  Seagen has named its chief medical officer, Roger Dansey, M.D., to take over as interim CEO.