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StocksMedium•8 April 2026•

1 min read

Merck Launches $53 Per Share Tender Offer for Terns Pharmaceuticals

Key Facts

1Merck has officially commenced a cash tender offer to acquire all outstanding shares of Terns Pharmaceuticals at $53.00 per share.

2Merck lowered the offer price after reviewing updated clinical data from the CARDINAL trial for TERN-701, which showed lower response rates in certain patient groups.

3The tender offer is scheduled to expire on May 4, 2026, with the acquisition expected to close in the second quarter of 2026.

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Merck & Co. has officially initiated a cash tender offer to acquire all outstanding shares of Terns Pharmaceuticals at a price of $53.00 per share. This move follows a definitive agreement reached in March 2026 to integrate Terns' drug pipeline into Merck's portfolio. Notably, Merck adjusted the offer price downward after evaluating updated clinical data from the CARDINAL trial for TERN-701. The trial results indicated lower response rates in specific patient groups than previously anticipated, prompting the valuation revision. The tender offer is scheduled to remain open until May 4, 2026, barring any extensions. Management expects the acquisition to finalize within the second quarter of 2026 as the company strengthens its biotech pipeline.