MSD (Merck) to acquire Terns Pharmaceuticals in USD 6.7 billion deal

MSD (Merck Sharp & Dohme)  has agreed to acquire Terns Pharmaceuticals in an all cash deal valued at approximately USD 6.7 billion, expanding its oncology and hematology pipeline. The acquisition gives Merck access to TERN 701, an investigational oral treatment for chronic myeloid leukemia currently in Phase 1 and 2 development. Merck said the programme has the potential to become a leading option for certain blood cancer patients and supports the company’s long term growth strategy as it looks to strengthen its portfolio beyond Keytruda.

Under the agreement, MSD will pay USD 53 per share for Terns, representing a premium to the company’s recent average share price. The transaction has been approved by the boards of both companies and is expected to close in the second quarter of 2026, subject to regulatory approval and shareholder tender conditions.