Merck to Acquire Terns Pharmaceuticals in $6.7B Deal

Merck has agreed to acquire Terns Pharmaceuticals in a deal valued at approximately $6.7 billion. The transaction is intended to bolster Merck’s cancer portfolio ahead of a key Keytruda patent expiration in about two years.

Both companies’ boards have approved the deal, which is expected to close in the second quarter. The transaction is subject to a majority of Terns stockholders tendering their shares in a tender offer initiated by a Merck subsidiary.