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Merck KGaA Confirms $3.9 Billion Acquisition of SpringWorks Therapeutics

The deal strengthens Merck’s oncology pipeline with two approved rare-disease therapies and is projected to boost earnings by 2027.

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A logo of drugs and chemicals group Merck KGaA is pictured in Darmstadt, Germany January 28, 2016. REUTERS/Ralph Orlowski/File Photo
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Overview

  • Merck KGaA will acquire SpringWorks Therapeutics for $47 per share, valuing the U.S.-based biotech company at $3.9 billion in equity and $3.4 billion in enterprise value.
  • The acquisition will be funded through a combination of available cash and new debt, with Merck projecting earnings per share accretion by 2027.
  • SpringWorks specializes in treatments for rare tumors and neurofibromatosis, with two marketed products: Ogsiveo for desmoid tumors and Gomekli for NF1-PN.
  • Ogsiveo generated $172 million in sales in 2024, while Gomekli was approved in February 2025, further enhancing Merck’s oncology portfolio.
  • The transaction reflects Merck’s strategy to overcome setbacks in internal oncology research by pursuing external innovation to expand its cancer drug business.