Shares of Harpoon Therapeutics (NASDAQ:HARP) surged more than 111% intra-day today following Bloomberg News reports that Merck (NYSE:MRK) is in advanced discussions to buy the biotech firm for approximately $700 million, equating to $23 per share.

The potential acquisition, which could be confirmed shortly barring any breakdown in negotiations, would bolster Merck’s prominence in the oncology sector. This move is particularly strategic as Merck seeks new avenues for growth, especially with its leading cancer medication, Keytruda, potentially facing competitive pricing challenges in the coming years.

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