Merck KGaA’s protracted pursuit of SpringWorks Therapeutics may be nearing its endgame. The German drugmaker confirmed (PDF) it is in late-stage talks about buying the rare cancer biopharma for around $47 a share.

Responding to media reports, Merck first confirmed it was in advanced discussions about a deal to buy SpringWorks in February. Buying the biopharma, which span out of Pfizer in 2017, would give Merck control of drugs that are approved in desmoid tumors and neurofibromatosis type 1 and a pipeline of programs that includes a RAF dimer inhibitor, TEAD inhibitor and PP2A activator.

The Wall Street Journal and Bloomberg reignited excitement about the potential acquisition Thursday with reports that suggested Merck could announce a deal that values SpringWorks at about $3.5 billion as soon as Monday. Later, Merck confirmed it is in late-stage discussions with the biopharma.

SpringWorks’ share price closed just below $45 Thursday, giving the company a market cap of almost $3.4 billion. Merck’s revelation that the current negotiations value SpringWorks at around $47 per share suggests investors may have to accept a lower offer than they once hoped for. SpringWorks’ share price jumped to around $60 after news of talks with Merck first broke but fell to below $35 earlier this month.

If Merck pulls the trigger on the deal, the company will take responsibility for a pipeline of investigational candidates led by the selective RAF dimer inhibitor brimarafenib. SpringWorks is developing the prospect through MapKure, the joint venture it formed with BeiGene. Investigators are testing the candidate in combination with Amgen’s EGFR inhibitor panitumumab in colorectal and pancreatic cancer patients.

The phase 1b brimarafenib trial sits alongside a phase 1 study of TEAD inhibitor SW-682 in SpringWorks’ pipeline. Investigators are testing SW-682 in Hippo-mutant solid tumors. SpringWorks is working to add another candidate to its clinical pipeline, with a filing to study the PP2A activator SW-3431 in humans planned for this year.