Germany's Merck KGaA has struck a deal to buy U.S. biotech company SpringWorks Therapeutics for an equity value of $3.9 billion to add rare cancer t

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 (Merck) has moved to strengthen its position in oncology and rare diseases with a $3.9bn agreement to acquire SpringWorks Therapeutics. Under the deal, Merck will pay $47 per share in cash,