Merck to Buy Terns Pharmaceuticals for $6.7 Billion to Boost Cancer Pipeline as Keytruda Patent Expiry Nears
Merck will acquire Terns Pharmaceuticals for $53 per share in cash, valuing the company at about $6.7 billion. The deal gives Merck rights to TERN-701, an experimental leukemia drug, as it prepares for Keytruda’s patent expirations in 2028. The offer represents a 6% premium to Terns’ last close and is subject to antitrust review and shareholder approval. Merck expects to close the transaction in the second quarter.