Merck Nears Terns Pharmaceuticals Acquisition as Antitrust Waiting Period Expires

Key Facts

Merck (NYSE: MRK) has announced the expiration of the mandatory antitrust waiting period under the Hart-Scott-Rodino (HSR) Act, clearing a significant regulatory hurdle for its acquisition of Terns Pharmaceuticals (NASDAQ: TERN). The waiting period officially concluded at 11:59 p.m. ET on April 23, 2026, removing a primary legal obstacle to the deal. Merck had previously initiated a cash tender offer to purchase all outstanding shares of TERN on April 7, 2026. This regulatory clearance is a required legal step for the completion of the transaction. Market analysts suggest that this development reduces deal uncertainty, typically driving the target company's stock price toward the acquisition offer level. The move underscores MRK's ongoing commitment to expanding its clinical pipeline through strategic M&A activity. The formal identification of the ticker symbols MRK and TERN marks a transition toward the final stages of the merger process.

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