Merck Sharp & Dohme to Merge with Terns Pharmaceuticals

Merck Sharp & Dohme LLC has entered into an agreement and plan of merger with Terns Pharmaceuticals, Inc., with Thailand Merger Sub, Inc. as the wholly owned subsidiary purchaser. The merger framework contemplates a tender offer by the purchaser to acquire all issued and outstanding shares.

The filing is dated March 24, 2026 and includes standard merger agreement provisions covering offer mechanics, merger effects, closing and effective time, conversion of shares, treatment of equity awards and warrants, and conditions precedent to consummation of the offer.