Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Merck & Co announced the acquisition of Terns Pharmaceuticals for $6.7 billion following the company's presentation of strong clinical data at ASH. The deal…
Merck's $6.7B Terns Acquisition Positions It to Challenge a Blockbuster Novartis Cancer Drug. The deal centers on TERN-701, a drug in development for chronic…
Merck announced the successful completion of the acquisition of Terns Pharmaceuticals on May 5, 2026. The tender offer expired one minute after 11:59 p.m. ET…
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Merck acquired Terns Pharmaceuticals for $53/share or ~$6.7B equity value (~$5.7B net of cash), adding TERN-701 to its hematology pipeline ahead of the 2028 Keytruda LOE. The asset is a differentiated allosteric BCR::ABL1 TKI for CML positioned to compete with Novartis' Scemblix. The all-cash tender offer expired May 4, 2026 with ~86.36% of shares (100,091,794) validly tendered, and Merck completed the acquisition via merger on May 5, 2026; Terns shares were converted into the right to receive $53.00 in cash. Merck expects an ~$5.8B in-process R&D charge (~$2.35/share) in its 2026 results.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Merck & Co. Inc. / Terns Pharmaceuticals, Inc. (this deal) | 2026 | $6.7B | — |
| Merck & Co. Inc. / Acceleron Pharma Inc. | 2021 | $11.5B | 90 |
| Merck & Co. Inc. / Peloton Therapeutics Inc. | 2019 | $2.2B | 88 |
| Merck & Co. Inc. / AstraZeneca PLC | 2017 | $8.5B | 87 |
| Merck & Co. Inc. / Moderna, Inc. | 2022 | $250M | 86 |
| Merck & Co. Inc. / Moderna, Inc. | 2016 | $250M | 84 |
| Merck & Co. Inc. / Eisai Co., Ltd. | 2018 | $5.8B | 83 |
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More: 2026 deals · Merck & Co. Inc. deals · Hematology deals