Pfizer is reportedly in early-stage negotiations to buy cancer drug manufacturer Seagen in a multibillion-dollar transaction that could be worth more than $30bn.

The deal represents the second potential acquisition deal for Seagen which was in discussion with Merck last year, the Wall Street Journal reported. The deal, valued at worth $40bn or more fell apart after both parties could not reach an agreement.

Based in the US, Seagen is engaged in developing a class of cancer treatments called antibody-drug conjugates (ADCs).

The biotechnology company has developed drugs like Adcetris, Tivdak, and Padcev based on its proprietary ADC technology that uses the targeting ability of monoclonal antibodies to directly deliver cell-killing agents to cancer cells.

Adcetris is commercialised for the treatment of various forms of CD30-expressing lymphomas, while Padcev is intended for treating locally advanced or metastatic urothelial cancer.

Seagen is commercialising a drug called Tukysa for certain HER2-positive metastatic breast cancers, while Tivdak is the treatment for recurrent or metastatic cervical cancer.

According to the publication, there is no guarantee that the talks with Pfizer could result in a potential deal. Even if it reaches the stage, then the deal could face hurdles like an antitrust review for its completion.

However, if a deal does go through, then it will help Pfizer to expand its range of cancer treatments with a class of agents that have shown positive results when working with immunotherapies against the most common tumours as per the publication.

Additionally, it is expected to assist Pfizer in making up the $17bn in sales that the company may lose due to the expiry of patents by 2030.

Last week, the pharmaceutical company received the US Food and Drug Administration (FDA) priority review for its respiratory syncytial virus (RSV) vaccine candidate RSVpreF.