Merck announced Monday it will acquire U.S. biotech company SpringWorks Therapeutics for $47 per share in cash, valuing the deal at approximately $3.9 billion, according to Reuters. The agreement is one of Merck’s largest in years but came at a 22% lower price than analysts had expected following earlier reports of advanced talks.

Merck CEO Robert Davis spoke about the new state-of-the-art biologics center slated to be based in Wilmington, Delaware that could eventually provide thousands of jobs.