By FieldPulse Editorial · March 25, 2026
Tags: Mergers & Acquisitions, Oncology, Pipeline
Merck is acquiring Terns Pharmaceuticals in an all-cash deal centered on TERN-701, a CML candidate, marking its third major acquisition in a year as it races to build a post-Keytruda portfolio.
Merck announced Wednesday it will acquire Terns Pharmaceuticals for $6.7 billion in cash, paying $53 per share — a premium of roughly 31% over the stock's recent trading price. The deal, expected to close in the second quarter of 2026, is the company's third major acquisition in the past twelve months and its clearest signal yet that it is in full preparation mode for the 2028 expiration of Keytruda's U.S. patent. At the center of the transaction is TERN-701, Terns' lead asset and a novel candidate for chronic myeloid leukemia. CML is a niche but well-defined oncology market with an establishe