Merck & Co. is close to a $6 billion acquisition of Terns Pharmaceuticals, reports the Financial Times.

LootboxPhobia · 2026-03-25T03:07:04+00:00

Merck & Co. plans to acquire Terns Pharmaceuticals, a company focused on rare blood and bone marrow cancer treatments, for approximately $6 billion. The transaction is expected to be finalized within the coming days. This move aims to supplement its product pipeline before the patent expiration of Keytruda.

LootboxPhobia

2026-03-25 03:07:04

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Investing.com - According to The Financial Times of the UK on Wednesday, Merck & Co. (NYSE: MRK) is about to acquire Terns Pharmaceuticals (NASDAQ: TERN) for approximately $6 billion. Terns is a company focused on developing treatments for rare blood and bone marrow cancers.

The report, citing sources familiar with the matter, states that this all-cash deal is expected to be finalized in the coming days, with Terns’ valuation likely to exceed its current market cap of about $5.3 billion.

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The report notes that this potential acquisition marks Merck’s latest effort to strengthen its pipeline ahead of the patent expiration of its blockbuster cancer drug Keytruda. Keytruda generates approximately $30 billion in annual revenue and may face patent expiration as early as 2028.

In recent months, Merck has accelerated its M&A activity, acquiring Verona Pharma for $10 billion last year and Cidara Therapeutics for $9.2 billion, seeking to offset upcoming revenue losses.

Terns’ main asset targets chronic myeloid leukemia (CML), a rare cancer affecting blood and bone marrow. The drug may compete with Scemblix, a medication sold by Novartis.

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