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Good morning, everyone. Damian Garde here, filling in for Ed Silverman as the days of summer enter their canine period. We’re nearing the end of a holiday-shortened work week, so here’s hoping your regular swirl of deadlines and meetings has calmed down for the moment — or at least that whoever keeps tabs on you is off getting sunburned somewhere. Below are some items to get your day started, and, as always, if you hear anything curious out there, do let us know. …

Merck is in advanced negotiations to acquire Seagen for about $40 billion or more, the Wall Street Journal tells us. The companies hope to agree on a purchase price before Merck’s next quarterly earnings report, slated for July 28, according to the Journal, citing people familiar with the discussions. Buying the cancer-focused Seagen would significantly augment Merck’s oncology business, which is reliant on the blockbuster Keytruda. But the potential deal could bring scrutiny from the Federal Trade Commission, which has promised to crack down on anti-competitive pharmaceutical mergers.

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