Feb 27 Reuters Pfizer Inc is in earlystage talks to acquire cancer drugmaker Seagen Inc in what could be a multibillion dollar deal, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

Seagen had a market capitalization of roughly 30 billion, as of Friday39;s close.

Seagen was in advanced talks to be acquired by Merck, in a deal that would have been worth 40 billion or more, the Journal reported last year, but the two sides failed to reach an agreement, according to multiple reports.

Seagen39;s shares have fallen nearly 10 since July, when the deal talks with Merck were first reported. They rose 12.3 to 182 in premarket trading on Monday.

Pfizer declined to comment on the WSJ report, while Seagen did not immediately respond to a Reuters request for comment.

Pfizer has said it expects to lose 17 billion in annual sales between 2025 and 2030 due to patent expirations for top drugs, and sales of its COVID19 products have begun to decline after they contributed to an unprecedented surge in revenue.

While the drugmaker has turned to acquisitions such as its 5.4 billion buyout of Global Blood Therapeutics Inc and its 11.6 billion purchase of migraine drugmaker Biohaven, analysts have pointed to the need for larger deals.

After a year of waiting for something impactful, this may be it, BMO Capital Markets analyst Evan Seigerman said in a research note, referring to the latest reported deal talks.

Seagen makes guidedmissile cancer drugs…