Merck to acquire Terns Pharmaceuticals for $6.7B

Merck & Co Inc (NYSE:MRK, XETRA:6MK) announced on Wednesday that it will acquire US biotech firm Terns Pharmaceuticals (NASDAQ:TERN) for $53 per share in cash, valuing the company at approximately $6.7 billion. This marks Merck's third multibillion-dollar acquisition in the past year as the company looks to strengthen its portfolio ahead of its top-selling cancer drug Keytruda losing patent protection in 2028.