Germany’s Merck KGaA has agreed to buy SpringWorks Therapeutics, adding the US biotech’s portfolio of cancer and rare disease therapies to its pipeline. Merck will pay $47 per share of SpringWorks, making the deal worth $3.9 billion (£2.9 billion), or $3.4 billion accounting for SpringWorks’ outstanding cash and debt.

Merck KGaA’s $3.9 billion deal to buy SpringWorks Therapeutics Inc. will expand the German conglomerate’s presence in the US at a time when many companies are seeking to increase investment in the country.

Merck KGaA’s long courtship of SpringWorks Therapeutics has come to fruition as the German drugmaker has bought out the Connecticut biopharma for an equity value of $3.9 billion, the companies