Merck to Acquire Terns for Approximately $6.7 Billion—Securing CML Treatment TERN-701 in Preparation for Keytruda Patent Expiry

On March 25, 2026, the U.S.-based global pharmaceutical giant Merck (known as MSD outside the United States and Canada) announced that it has reached a definitive agreement to acquire the clinical-stage biotechnology company Terns Pharmaceuticals (hereinafter referred to as Terns) through an all-cash tender offer. The acquisition price is set at $53.00 per share, a major deal reaching a total equity value of up to approximately $6.7 billion based on Terns' total outstanding shares.