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German healthcare and materials company Merck KGaA (NSE:PROR) announced on Monday that it has agreed to acquire U.S.-based biotech firm SpringWorks Therapeutics in a deal valued at approximately $3.9 billion. The acquisition is aimed at strengthening Merck’s oncology business and expanding its pipeline of cancer therapies.
The Darmstadt-headquartered group said it will pay $47 per share in cash for SpringWorks, representing a premium over the company’s recent trading price. The deal assigns SpringWorks an equity value of $3.9 billion and an enterprise value of around $3.4 billion (3.0 billion euros) after adjusting for the biotech firm's cash reserves.
SpringWorks Therapeutics specializes in developing targeted therapies for severe rare diseases and cancers, with its lead product, nirogacestat, positioned to treat desmoid tumors. The acquisition will give Merck access to a promising late-stage oncology asset and enhance its long-term growth prospects in the competitive cancer treatment market.
This move aligns with Merck's strategic focus on innovation and expanding its specialty medicine portfolio. The transaction is expected to strengthen its presence in the U.S. biotech sector and accelerate the development of novel oncology solutions for patients worldwide.
The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to finalize later this year.
