1119 ET - Merck KGaA's acquisition of SpringWorks Therapeutics for $47 per share, or $3.9 billion in total, carried an underwhelming price tag to say the least, Evercore ISI analysts say in a research note. The analysts expected an agreement to price shares in the $60s, which would have still been highly attractive for the buyer, they said. The final deal price net of cash represents just two times the company's consensus peak sales, the analysts said, adding they can't recall such a low multiple for a company not in distress. "Hopefully this transaction is not a broader indictment on the state of biotech M&A amidst a difficult backdrop," the analysts say. (kelly.cloonan@wsj.com)

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April 28, 2025 11:20 ET (15:20 GMT)

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