Germany's Merck Seals US$3.9bln Deal To Buy US Biotech Firm Springworks
07 March 2024, Hesse, Darmstadt: A Merck KGaA brand logo stands in front of the company premises. Photo: Arne Dedert/dpa
FRANKFURT, April 28 (Bernama-dpa) - German health care and science group Merck has sealed a deal to bolster its cancer treatment portfolio with a US$3.9 billion acquisition of US biotech firm SpringWorks Therapeutics, German Press Agency (dpa) reported.
Chief executive Belén Garijo on Monday called the deal a "major step" for Merck, adding that it will sharpen the company's focus on patients with rare tumours, accelerate company growth, and strengthen its presence in the US.
The acquisition is expected to close in the second half of the year, pending approval from SpringWorks shareholders and regulatory authorities.
bootstrap slideshow
SpringWorks, based in Connecticut, was spun off from Pfizer in 2017 and specialises in therapies for tumours and blood cancers. The company already has a US-approved drug for advanced soft tissue tumours, which may soon gain approval in the European Union.
Merck had confirmed advanced discussions with SpringWorks last week.
Despite recent growth in its pharmaceuticals division, Merck has faced pressure to bring new drugs to market after several high-profile clinical trial failures.
Merck had therefore increasingly focused on licensing other companies' drugs, but recently began considering acquisitions again.
Garijo emphasised that Merck is still positioned to pursue further "major transactions" after the SpringWorks deal.
Merck's last major acquisition was in 2019, when it bought US semiconductor supplier Versum Materials for approximately US$5.8 billion.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
an hour ago
- Barnama
1st Meeting Of China-US Economic, Trade Consultation Mechanism Opens In London, Attracting Global Attention
WORLD U.S. Treasury Secretary Scott Bessent and Chinese vice premier He Lifeng pose for a photo with U.S. Trade Representative Jamieson Greer, U.S. Secretary of Commerce Howard Lutnick, Chinese Commerce Minister Wang Wentao, and China's International Trade Representative and Vice Minister of Commerce Li Chenggang, in London, Britain June 9, 2025. United States Treasury/Handout via REUTERS LONDON, June 10 (Bernama-Xinhua) -- The first meeting of the China-US economic and trade consultation mechanism opened here on Monday, attracting global attention. Chinese Vice Premier He Lifeng, also a member of the Political Bureau of the Communist Party of China Central Committee, attended the meeting with US representatives, Xinhua news agency reported. Business leaders welcomed the meeting, expecting win-win outcomes. "Only through mutual respect can we achieve win-win cooperation," said Yang Ming, CEO of Westwell Holdings (Hong Kong) Ltd, a Chinese artificial intelligence (AI) technology company. Attend the ongoing London Tech Week events, Yang said she wished to see normalised economic and trade relations restored between the two nations, calling on both governments to strengthen collaboration in AI and join forces to create new frontiers in global innovation. OBE Chief Executive Officer at London & Partners Laura Citron told Xinhua that stable trade relationships between the biggest economies in the world would always be a good thing for the global economy, adding that London as a city is a very outward-facing trading economy. "We're very keen to see strong and predictable trade relationships between the U.S. and China," she said. -- BERNAMA-XINHUA
Malaysian Reserve
3 hours ago
- Malaysian Reserve
New Equity Solo 401(k) Integrated Platform Simplifies DIY Retirement Investing
WESTLAKE, Ohio, June 10, 2025 /PRNewswire/ — Equity Trust Company, a leading financial services company with over 50 years of experience in the self-directed retirement space, announces the launch of the Equity Solo 401(k)—a comprehensive retirement solution designed for self-employed individuals and solopreneurs. This new offering, facilitated by its affiliate Equity Specialty Services, empowers investors to open, manage, and control their Solo 401(k) with unmatched speed, flexibility, and confidence. Developed in collaboration with a leading industry software provider, the Equity Solo 401(k) simplifies and enhances the way self-employed individuals manage their retirement savings. From lightning-fast plan setup and IRS-compliant recordkeeping to direct fund access and real-time Roth conversions, the platform puts the plan holder in the driver's seat. 'While the Solo 401(k) provides many advantages for small business owners, managing the account has largely been a burdensome process,' said George Sullivan, CEO of Equity Trust Company. 'The Equity Solo 401(k) empowers solopreneurs to manage their retirement investments like never before—on their terms, with the flexibility and tools they need to succeed.' Built for Self-Employed Success The Equity Solo 401(k) addresses the unique needs of self-employed investors, offering advantages such as: Fast, online onboarding – Plan setup in minutes with instant IRS-approved document generation Integrated fund control – Direct access to plan funds for faster, more convenient investing State-of-the-art online management – Intuitive tools and automated recordkeeping for compliance peace of mind Expanded contribution options – Traditional, Roth, and after-tax components all in one integrated account Diverse investment capabilities – Enables investing in both traditional and alternative assets Discover how the Equity Solo 401(k) is reshaping retirement planning for solopreneurs – visit Media Contact: Jesse BrileySenior Manager, Marketing EngagementEquity Trust About Equity Trust Company Equity Trust Company is a financial services company that enables individual investors and financial professionals to diversify investment portfolios using alternative asset classes such as real estate, private equity, cryptocurrency, and precious metals. With $70 billion in assets under custody and administration as of May 31, 2025, Equity Trust supports clients nationwide with education, service, and technology to help them build wealth through self-directed investing. Equity Specialty Services, LLC ('ESS'), an affiliate of Equity Trust Company, is a services company which offers services such as acting as a Solo 401(k) solution provider, offering document preparation and referral loan services and other services to assist an investor with his/her investments. ESS has partnered with SEPira(k), a third-party platform provider, to offer investors the Equity Solo 401(k) solution to establish and manage your Solo 401(k). By combining SEPira(k)'s technology platform with ESS's customer support, investors will have the tools to manage their Solo 401(k) seamlessly. ESS does not offer investment, tax, or legal advice, and no services offered by us should be considered to replace the need for qualified investment, tax, and legal professionals. Please consult your legal or financial advisor before making any financial decisions. SS may receive or give referral fees from third-party vendors for services it offers to investors.
New Straits Times
4 hours ago
- New Straits Times
Asean eyes stronger economic ties with Norway in green and digital sectors
JAKARTA: Asean is looking to deepen its partnership with Norway to advance green growth, digital innovation, and sustainable development across Southeast Asia, as the region navigates evolving climate challenges, economic transformation, and shifting global dynamics. Secretary-general Dr Kao Kim Hourn said Norway's expertise in renewable energy, maritime innovation, digital technology, and sustainable aquaculture makes it a natural partner in advancing the region's long-term goals. "Norway's global leadership in green solutions and the blue economy aligns closely with Asean's sustainability goals and development priorities," he said at a dinner reception with the Asean Committee and other stakeholders on Monday, according to a statement released by the Asean Secretariat on Tuesday. The event was hosted by the Ambassador of Indonesia to Norway, Teuku Faizasyah, at his official residence in Oslo. Also in attendance was the Ambassador of Norway to Asean, Kjell Tormod Pettersen. Kao also highlighted education, research, and innovation as vital areas to nurture the talent and technology that will shape the bloc's future. According to data from the secretariat, bilateral trade between Asean and Norway reached US$3.6 billion in 2024, while Norwegian foreign direct investment totalled US$22.5 million. While the numbers are encouraging, he emphasised that there is significant untapped potential and called for bold and practical steps to advance the partnership to the next level. "In today's global landscape marked by rising protectionism and mounting geopolitical uncertainties, collaborating with like-minded partners all over the world such as Norway becomes ever more critical to upholding open, inclusive, and rules-based economic cooperation," he added. Kao is on a working visit to Norway from June 9 to 12 with stops in Oslo and Bergen at the invitation of the Norwegian government, marking 10 years of the Asean-Norway Sectoral Dialogue Partnership. Norway, which is not a member of the European Union, was recognised as a Sectoral Dialogue Partner of Asean at the 48th Asean Foreign Ministers' Meeting on August 4, 2015 in Kuala Lumpur, Malaysia. – Bernama
