Merck KGaA has confirmed that it is in late-stage discussions with SpringWorks, valuing the deal at a price of around $47 per share.

Merck KGaA is nearing a deal to acquire SpringWorks Therapeutics Inc., people familiar with the matter said. An announcement may come as soon as Monday, the people said, asking not to be identified discussing confidential information.

Shares of SpringWorks Therapeutics (NASDAQ:SWTX) reached a session high on Thursday after The Wall Street Journal reported that Germany’s Merck KGaA (OTCPK:MKGAF) is closing in on a roughly $3.5B deal to acquire the cancer and rare disease drugmaker.