Germany's Merck KGaA said on Thursday it is in late-stage talks to acquire U.S.-based SpringWorks Therapeutics for about $3.5 billion, a deal that could give it access to a recently approved rare disease drug and expand its portfolio of experimental cancer treatments.

Germany’s Merck KGaA is finally nearing a roughly $3.5 billion deal for SpringWorks Therapeutics, a U.S. biopharmaceutical company that specializes in rare diseases and cancer. The two parties are discussing a deal around $47 per share,

Shares of SpringWorks Therapeutics Inc. ended over 9% higher on Thursday following a report that the company is inching closer to getting acquired by an established giant, triggering a jump in discussions among retail traders.