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.