Merck to buy Terns Pharmaceuticals (NASDAQ: TERN) for $53 per share in cash

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Terns Pharmaceuticals is being acquired by Merck Sharp & Dohme LLC for $53 per share in cash, a deal that would make Terns a wholly-owned Merck subsidiary and delist its stock. The acquisition highlights Terns’ lead oncology asset, TERN-701 for chronic myeloid leukemia, which has shown promising Phase 1/2 trial data. Terns ended 2025 with strong liquidity of $1.02 billion in cash and marketable securities but continues to report net losses, financing operations primarily through equity offerings.

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