Merck completes acquisition of Terns Pharmaceuticals for $53 a share

Merck & Co., Inc.
Terns Pharmaceuticals, Inc.

Merck & Co., Inc.

MRK

0.00

Terns Pharmaceuticals, Inc.

TERN

0.00
  • Merck completed acquisition of Terns Pharmaceuticals via $53 per share all-cash tender offer followed by a merger, making Terns a wholly owned subsidiary.
  • At tender expiration late May 4, 2026, 100,091,794 shares were tendered, representing 86.36% of outstanding stock.
  • Terns shares will stop trading on Nasdaq.
  • Merck expects a roughly $5.8 billion research and development expense charge in 2026, equal to about $2.35 per share.
  • 2026 EPS expected to take an additional roughly $0.12 per share hit tied to advancing TERN-701 and financing costs.


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