Merck (NYSE: MRK) has commenced a cash tender offer to acquire all outstanding shares of US-based Terns Pharmaceuticals (NASDAQ: TERN) at USD 53.00 per share, following a definitive agreement announced on March 25, 2026. The transaction targets TERN-701, an oral allosteric BCR::ABL1 tyrosine kinase inhibitor in Phase I/II development for Philadelphia chromosome–positive chronic myeloid leukemia, and positions Merck to consolidate a differentiated hematology asset under its wholly owned subsidiary structure.
The offer is structured as an all-cash transaction with no contingent milestone or royalty components payable to Terns shareholders. The tender offer expires at one minute following 11:59 p.m. Eastern Time on May 4, 2026, subject to standard conditions including tender of shares representing more than 50% of outstanding stock and expiration of the Hart-Scott-Rodino Antitrust Improvements Act waiting period. The transaction is expected to close in Q2 2026, at which point Terns will cease to operate as an independent entity. The deal is estimated to be worth some USD 6.7 billion in total.
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