On March 25, 2026, Merck (NYSE: MRK) announced its definitive agreement to acquire Terns Pharmaceuticals, Inc. (Nasdaq: TERN) for $53.00 per share in cash, representing an approximate equity value of $6.7 billion. This acquisition is expected to enhance Merck's presence in the hematology sector, particularly with Terns' lead candidate, TERN-701, an investigational oral allosteric BCR::ABL1 tyrosine kinase inhibitor currently in Phase 1/2 development for chronic myeloid leukemia (CML). The offer price reflects a premium of approximately 31% to the 60-day and 42% to the 90-day volume-weighted average stock price as of March 24, 2026. Merck's CEO, Robert M. Davis, emphasized that this acquisition builds on their commitment to innovation in oncology and aims to deliver high-impact medicines to patients. The transaction is subject to the tendering of a majority of Terns' stockholders and customary closing conditions, including regulatory approvals. The merger is anticipated to close in the second quarter of 2026, with Merck planning to hold an investor call to discuss the transaction further.

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