Terns Pharmaceuticals Acquired by Merck — Healthcare M&A

Merck has announced an agreement to acquire Terns Pharmaceuticals, a clinical-stage oncology company, in a cash deal valued at USD 6.7 billion. The transaction is structured as a merger and would be completed at USD 53.00 per share. Terns is backed by HBM Healthcare Investments, which previously built a position in the Nasdaq-listed company and invested a total of about USD 19 million, according to the announcement.

Terns Pharmaceuticals focuses on developing targeted cancer therapies, with its lead program TERN-701, an oral, allosteric BCR::ABL1 inhibitor being developed for chronic myeloid leukemia. The acquisition aligns with Merck’s strategic push to expand its oncology pipeline with differentiated mechanisms, reflecting ongoing demand from large pharmaceutical companies for late-stage clinical assets and platform-like biology in hematologic malignancies.

The announcement does not specify a closing date or additional regulatory and customary conditions in the provided information. Merck is the strategic buyer, and the deal adds to a broader pattern of consolidation in oncology as acquirers seek to strengthen therapeutic franchises and diversify development-stage portfolios.