PalmStar Media and Likely Story have acquired the rights to the script “Collateral Beauty” with Hugh Jackman and Rooney Mara attached to star.

PalmStar will be fully financing in conjunction with its partner Merced Capital.

“Me and Earl and the Dying Girl” helmer Alfonso Gomez-Rejon is on board to direct with Anonymous Content’s Michael Sugar and Bard Darros producing along with Allan Loeb, who penned script. Palmstar CEO Kevin Frakes and Anthony Bregman will exec produce.

The story follows a New York advertising executive who experiences a deep personal tragedy. When his colleagues devise an unconventional plan to break him out of his depression, the plan works, but not in a way that anyone imagined.

“I was deeply moved by Allan’s extraordinary script and knew immediately that PalmStar had to get behind it,” Frakes said. “We could not wish for a better group of creative partners to bring Allan and Alfonso’s vision to life and look forward to working with Michael, Bard and Allan to deliver this film to a worldwide audience.”

CAA and Anonymous took the project to Cannes last month and, given the talent attached, the auction was competitive. Principal photography is not expected to start in the fall.

The deal was negotiated by Ankur Rungta on behalf of PalmStar Media, Sean Marks and CAA on behalf of Allan Loeb and Dave Fierson on behalf of Anonymous Content.