Shares of SpringWorks Therapeutics (NASDAQ:SWTX) reached a session high on Thursday after The Wall Street Journal reported that Germany’s Merck KGaA (OTCPK:MKGAF) is closing in on a roughly $3.5B deal to acquire the cancer and rare disease drugmaker.

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 biopharma for around $47 a share.

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