Merck KGaA, the German healthcare and technology group, said on Monday it is in advanced talks to acquire U.S. cancer and rare diseases drugmaker SpringWorks Therapeutics. Merck, in a statement, said its negotiations to buy SpringWorks are ongoing,

Following an initial report from Reuters, Merck KGaA confirmed that it is in talks with SpringWorks for a potential acquisition, though details of its offer have yet to be revealed.

Merck said in a brief statement that discussions are "advanced" but noted that "critical conditions have yet to be met" before an acquisition can be agreed. So far, SpringWorks – which was spun out of Pfizer in 2017 and develops drug for cancer and rare diseases – has yet to issue its own statement on the matter.