Key Takeaways
- Merck KGaA expands rare tumor portfolio: The $3.4 billion acquisition of SpringWorks Therapeutics adds two FDA-approved therapies: Ogsiveo for desmoid tumors and Gomekli for neurofibromatosis type 1 (NF1)-related plexiform neurofibromas.
- European regulatory progress supports growth: Both therapies received positive Committee for Medicinal Products for Human Use (CHMP) opinions in 2025, setting the stage for potential EU approvals and broader international market access.
- Strategic alignment with global oncology goals: The deal complements Merck’s recent $85 million agreement with Abbisko Therapeutics for worldwide rights to pimicotinib, strengthening its position in rare oncology.
Merck KGaA announced that it has completed its $3.4 billion acquisition of SpringWorks Therapeutics. According to the company, the transaction is expected to contribute immediately to revenue and become accretive to earnings per share by 2027.
Notably, the deal includes Ogsiveo (nirogacestat), a first-in-class treatment for desmoid tumors, and Gomekli (mirdametinib), the only FDA-approved therapy for symptomatic plexiform neurofibromas in neurofibromatosis type 1. In May, the EMA’s Committee for Medicinal Products for Human Use adopted a positive opinion recommending approval of Gomekli, which was also issued for Ogsiveo in June.1
How Does this Deal Fit into Merck KGaA’s Long-Term Strategy?
“Today, we officially welcome SpringWorks to Merck KGaA, Darmstadt, Germany,” said Belén Garijo, chair of the executive board, CEO, Merck KGaA, Darmstadt, Germany, in a press release. “The acquisition of SpringWorks illustrates our decisive portfolio approach to further position Merck KGaA, Darmstadt, Germany as a globally diversified science and technology powerhouse. This is the largest acquisition we have made for our Healthcare business sector in nearly 20 years, marking an exciting new chapter for healthcare. Furthermore, we remain committed to identifying M&A opportunities across our three business sectors, with a focus on Life Science, prioritizing strategic fit, financial robustness, and long-term value creation.”
Deal Terms and Financial Impact
Under terms of the deal, which was first announced in April, Merck KGaA will pay SpringWorks shareholders $47 per share for a total of $3.9 billion. However, SpringWorks’ total balance of cash on hand brought the net value down to $3.4 billion.2
Expanding Rare Tumor Portfolio
In March, Merck KGaA also announced it had exercised its option with Abbisko Therapeutics to obtain worldwide commercialization rights for the treatment of patients with tenosynovial giant cell tumors. Under terms of that deal, Merck KGaA will pay Abbisko an $85 million option fee. The move builds on a 2023 agreement, which initially covered Greater China, and now extends Merck’s rights to include the United States and the rest of the world.3
