Merck completes $6.7 billion Terns Pharmaceuticals acquisition after 86% of shares are tendered

Merck completed its acquisition of Terns Pharmaceuticals after the tender offer expired on May 4 with about 100.09 million shares, or 86.36% of the total, tendered at $53.00 each. A merger followed, making Terns a wholly owned subsidiary and ending its Nasdaq listing. Merck expects an R&D charge of about $5.8 billion, or $2.35 per share, in both its second-quarter and full-year 2026 GAAP and non-GAAP results.

• Price: $53.00 per share in cash
• 86.36% of shares (about 100.09 million) tendered by the May 4 expiration
• Charge: about $5.8B, or $2.35 per share, in Q2 and full-year 2026
• Terns is now a wholly owned subsidiary and no longer trades on Nasdaq