Germany's Merck KGaA has agreed to acquire US biotech firm SpringWorks Therapeutics for $3.9 billion in cash.
The deal, announced on Monday, values SpringWorks at $47 a share and reflects an enterprise value of $3.4 billion after accounting for the company's cash reserves.
Merck said the acquisition would be financed through a mix of available funds and new debt, and is expected to boost adjusted earnings from 2027.
Listed in New York six years ago, Connecticut-based SpringWorks develops cancer and rare tumour treatments and has two nascent products.