Germany's Merck in advanced talks to acquire US biotech firm...
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Merck confirms advanced talks to buy Springworks
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Confirms earlier Reuters story saying deal could come in weeks
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Springworks' shares hit highest level since April 2022
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U.S. company has market value of around $4 billion
(Adds Merck's statement in paragraph 2, updates share reaction in paragraphs 4 and 5)
By Sabrina Valle and Patricia Weiss
NEW YORK/FRANKFURT, Feb 10 (Reuters) -
Merck KGaA, the German healthcare and technology group, is in advanced talks to acquire U.S. cancer and rare diseases drugmaker Springworks Therapeutics, according to people familiar with the matter.
In a statement later on Monday, Merck confirmed that it was in advanced talks to buy Springworks, adding that while negotiations were ongoing, no legally binding agreement has been signed and that there was no certainty a deal will materialize.
If the talks are successful, a deal could be signed in the coming weeks, the three sources told Reuters, requesting anonymity as the discussions are confidential. They did not disclose the exact terms being discussed.
Springworks' shares were trading 34% higher after Merck's statement, giving the company a market valuation of around $4 billion. The stock had initially jumped nearly 49% on the Reuters story, to touch its highest level since April 2022.
Merck's German-listed shares had earlier closed down 3.7%, giving it a market value of more than $60 billion.
Springworks declined to comment.
Dealmaking in the U.S. healthcare sector is showing signs of picking up, after a slowdown in activity in 2024 as large pharmaceutical companies took a breather to integrate big acquisitions they completed the previous year. In January, Johnson & Johnson agreed to buy Intra-Cellular Therapeutics for about $14.6 billion.
Springworks, which listed its shares in New York in 2019, is a commercial-stage biotech firm that develops drugs to treat various forms of cancer and other rare diseases such as uterine cancer and tumours. Its monotherapy drug that is used to treat desmoid tumors has been approved in the United States.
A transaction for Springworks would rank as one of the biggest pharma deals for Merck in recent years and boost its ongoing efforts to build out its cancer treatment pipeline. In 2015, Merck agreed to Buy Google Ads U.S. lab equipment supplier Sigma-Aldrich for $17 billion.
Merck, which has a market value of 61.25 billion euros ($63.13 billion) has suffered high-profile setbacks recently in late-stage drug trials, prompting it to halt development of head and neck cancer drug xevinapant. A major trial testing multiple sclerosis drug evobrutinib failed in December 2023.
In its most recent quarterly earnings, Merck reported a 12% rise in adjusted quarterly earnings, helped by temporarily lower spending on drug development and a rebound in demand for its specialty materials.
In an interview in January, Merck's CEO said a recovery in sales growth at its major businesses would allow the company to take a cautious approach to buying other companies, which are expensively priced. ($1 = 0.9702 euros) (Reporting by Sabrina Valle in New York and Patricia Weiss in Frankfurt; Additional reporting by Milana Vinn in New York and Bipasha Dey in Bengaluru; Editing by Anirban Sen, Susan Fenton and Nick Zieminski)
*
Confirms earlier Reuters story saying deal could come in weeks
*
Springworks' shares hit highest level since April 2022
*
U.S. company has market value of around $4 billion
(Adds Merck's statement in paragraph 2, updates share reaction in paragraphs 4 and 5)
By Sabrina Valle and Patricia Weiss
NEW YORK/FRANKFURT, Feb 10 (Reuters) -
Merck KGaA, the German healthcare and technology group, is in advanced talks to acquire U.S. cancer and rare diseases drugmaker Springworks Therapeutics, according to people familiar with the matter.
In a statement later on Monday, Merck confirmed that it was in advanced talks to buy Springworks, adding that while negotiations were ongoing, no legally binding agreement has been signed and that there was no certainty a deal will materialize.
If the talks are successful, a deal could be signed in the coming weeks, the three sources told Reuters, requesting anonymity as the discussions are confidential. They did not disclose the exact terms being discussed.
Springworks' shares were trading 34% higher after Merck's statement, giving the company a market valuation of around $4 billion. The stock had initially jumped nearly 49% on the Reuters story, to touch its highest level since April 2022.
Merck's German-listed shares had earlier closed down 3.7%, giving it a market value of more than $60 billion.
Springworks declined to comment.
Dealmaking in the U.S. healthcare sector is showing signs of picking up, after a slowdown in activity in 2024 as large pharmaceutical companies took a breather to integrate big acquisitions they completed the previous year. In January, Johnson & Johnson agreed to buy Intra-Cellular Therapeutics for about $14.6 billion.
Springworks, which listed its shares in New York in 2019, is a commercial-stage biotech firm that develops drugs to treat various forms of cancer and other rare diseases such as uterine cancer and tumours. Its monotherapy drug that is used to treat desmoid tumors has been approved in the United States.
A transaction for Springworks would rank as one of the biggest pharma deals for Merck in recent years and boost its ongoing efforts to build out its cancer treatment pipeline. In 2015, Merck agreed to Buy Google Ads U.S. lab equipment supplier Sigma-Aldrich for $17 billion.
Merck, which has a market value of 61.25 billion euros ($63.13 billion) has suffered high-profile setbacks recently in late-stage drug trials, prompting it to halt development of head and neck cancer drug xevinapant. A major trial testing multiple sclerosis drug evobrutinib failed in December 2023.
In its most recent quarterly earnings, Merck reported a 12% rise in adjusted quarterly earnings, helped by temporarily lower spending on drug development and a rebound in demand for its specialty materials.
In an interview in January, Merck's CEO said a recovery in sales growth at its major businesses would allow the company to take a cautious approach to buying other companies, which are expensively priced. ($1 = 0.9702 euros) (Reporting by Sabrina Valle in New York and Patricia Weiss in Frankfurt; Additional reporting by Milana Vinn in New York and Bipasha Dey in Bengaluru; Editing by Anirban Sen, Susan Fenton and Nick Zieminski)
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