Pfizer Inc. is in early talks to acquire drugmaker Seagen Inc., the Wall Street Journal reported late on Sunday, citing people familiar with the matter.

Seagen has a market value of some $30 billion and would be expected to command a premium over that, the report said, adding that the deal talks are in preliminary stages.

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

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