Merck has ended discussions to acquire cancer drug developer Revolution Medicines after the two sides failed to agree on valuation, according to reports. The talks, which had been ongoing for several weeks, were discontinued as differences over pricing could not be resolved.

The potential transaction was expected to value Revolution Medicines in the range of USD 28 billion to USD 32 billion and would have given Merck access to the biotech company’s oncology pipeline, including its lead asset daraxonrasib, a late-stage cancer therapy that has received fast-track designation from the US Food and Drug Administration.

Following the collapse of the talks, expectations of a near-term acquisition have eased, though the possibility of renewed discussions or interest from other potential buyers cannot be ruled out. The development comes amid heightened consolidation activity in the global biopharmaceutical sector.