A little over two months after it was announced, Germany-based life sciences firm Merck KGaA said Tuesday that it has completed its $3.9 billion acquisition of Stamford-based SpringWorks Therapeutics Inc.
A little over two months after it was
announced, Germany-based life sciences firm Merck KGaA said Tuesday that it has completed its $3.9 billion acquisition of Stamford-based SpringWorks Therapeutics Inc.
Under the agreement, Merck agrees to pay $47 per share in cash, based on SpringWorks’ cash balance as of Dec. 31, 2024, and a 26% premium on SpringWorks’ unaffected 20-day volume-weighted average price of $37.38 per share on Feb. 7, 2025.
SpringWorks’ stock, which traded on the Nasdaq stock exchange under the symbol SWTX, closed Monday at $46.99 per share. Merck KGaA trades under the symbol MRK.DE on Xetra, an electronic stock exchange based in Frankfurt, Germany. Its stock was trading at $130.13 on Tuesday.
SpringWorks, based at 100 Washington Blvd. in Stamford, is a commercial-stage biotech company developing treatments for rare diseases and cancer. It went public in 2019.
Merck, based in Darmstadt, Germany, owns about 250 companies and has more than 60,000 employees.
The deal has been approved by both the Merck KGaA and SpringWorks’ boards of directors and shareholders.
With the closing of the merger, Saqib Islam, Carlos Albán, Alan Fuhrman, Dr. Julie Hambleton, Dr. Freda Lewis-Hall, Daniel S. Lynch and Martin Mackay, have each resigned from SpringWorks’ board of directors.
In addition, all of SpringWorks officers, including Islam, Francis Perier Jr., Badreddin Edris, Bhavesh Ashar, James Cassidy, Daniel Pichl, Herschel S. Weinstein and Tai-An Lin, also resigned.
Merck added that, effective immediately, SpringWorks has appointed Miguel Fernández Alcalde, Anthony O’Donnell, Monica Elliott and Michael MacDougall as officers.
