M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Merck KGaA, Darmstadt, Germany to acquire SpringWorks Therapeutics, Inc.
Announced Apr 28, 2025 · Closed Jul 1, 2025
Deal value$3.90BEV $3.83B
Premium17.0%To unaffected price
EV / Adj. EBITDA—20.0x EV / Revenue
ConsiderationAll cash$47.00 per share
Transaction
- Acquirer
- Merck KGaA, Darmstadt, Germany
- Target
- SpringWorks Therapeutics, Inc. (SWTX)
- Buyer type
- Strategic
- Offer price per share
- $47.00
- Enterprise value
- $3.83B
- Status
- Closed Jul 1, 2025
Deal protections
- Break fee (target pays)
- $146M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- JPMorgan
- To the target
- Centerview, Goldman Sachs
- Centerview fee
- $35.0M
Sector context · Healthcare
- Comparable deals
- 91 in the prior 24 months
- Premium
- 17.0% vs. 66.0% sector median
- EV / Adj. EBITDA
- Sector median 13.8x
- Break fee
- 3.7% vs. 3.5% sector median
Timeline
- AnnouncedApr 28, 2025
- Proxy filedMay 15, 2025
- Definitive proxyMay 28, 2025
- Shareholder voteJun 26, 2025
- ClosedJul 1, 2025
Valuation · fairness opinions
Trading comparablesCenterview$29.30$51.95
Precedent transactionsCenterview$41.45$67.65
Discounted cash flowCenterview$41.40$47.25
Analyst price targetsCenterview$63.00$84.00
Precedent transactionsCenterview$64.45$80.55
Discounted cash flowGoldman Sachs$41.40$47.25
Premiums paidGoldman Sachs$51.16$89.42
Premiums paidGoldman Sachs$34.91$61.03
Offer $47.00
Implied value per SpringWorks Therapeutics, Inc. share by analysis, from Centerview and Goldman Sachs · DCF discount rate 12.5%–14.5%.