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.

Merck KGaA has confirmed that it is in late-stage discussions with SpringWorks, valuing the deal at a price of around $47 per share.

Merck KGaA’s protracted pursuit of SpringWorks Therapeutics may be nearing its endgame. | Merck KGaA’s protracted pursuit of SpringWorks Therapeutics may be nearing its endgame. The German drugmaker confirmed it is in late-stage talks about buying the rare cancer biotech for around $47 a share.