Merck Acquires Terns Pharmaceuticals
In Plain English
Terns Pharmaceuticals is involved in a merger arbitrage transaction. This is actively in progress.
Corporate event in progress — monitor for updates
Deal Progress
RUMORED
ANNOUNCED
PENDING
ACTIVE
COMPLETED
Parent Company
Terns Pharmaceuticals
TERN
Biotechnology
Announced
Mar 25, 2026
4w ago
Expected
TBD
Market Cap
Not disclosed
Deal Value
$5.7B
Summary
Merck (MRK) to acquire Terns Pharmaceuticals in a $5.7 billion all-cash deal.
Deal Flow Timeline
Key milestones from announcement to expected completion
Deal Announced
2026-03-25
COMPLETEDRegulatory Filing
COMPLETEDRegulatory Approval
COMPLETEDShareholder Vote
COMPLETEDExpected Close
UPCOMINGDeal Announced
COMPLETEDInitial public announcement of the transaction.
2026-03-25
Regulatory Filing
COMPLETEDHSR / antitrust filing submitted to relevant authorities.
Regulatory Approval
COMPLETEDAntitrust clearance received from DOJ/FTC/EU/CFIUS.
Shareholder Vote
COMPLETEDTarget and/or acquirer shareholder approval.
Expected Close
UPCOMINGTransaction expected to close and complete.