By: IPP Bureau
Last updated : April 08, 2026 12:28 pm
The acquisition aims to bolster Merck’s hematology portfolio with Terns’ lead oncology candidate, TERN-701
Merck has commenced a cash tender offer to acquire all outstanding shares of Terns Pharmaceuticals for $53 per share, valuing the clinical-stage oncology company at roughly $6.7 billion. This acquisition, slated to finalize in Q2 2026, aims to bolster Merck’s hematology portfolio with Terns’ lead oncology candidate, TERN-701.
Regulatory filings are already in motion. Merck has submitted a tender offer statement to the US Securities and Exchange Commission, detailing the terms of the deal. Terns, for its part, has backed the move—its board of directors is urging shareholders to accept the offer and tender their shares.
The clock is now ticking. The tender offer is set to expire just after 11:59 p.m. Eastern Time on May 4, 2026, unless extended. For the deal to go through, more than half of Terns’ outstanding shares must be tendered, alongside the clearance of antitrust requirements under the Hart-Scott-Rodino Antitrust Improvements Act and other standard closing conditions.
If all hurdles are cleared, the acquisition is expected to close in the second quarter of 2026—further strengthening Merck’s push to expand its pipeline and cement its position at the forefront of biopharmaceutical innovation.