Merck Launches Tender Offer To Acquire Terns Pharmaceuticals In $53 Per Share Cash Deal

Merck & Co., Inc. has officially initiated a cash tender offer to acquire all outstanding shares of Terns Pharmaceuticals, Inc., following its previously announced definitive agreement in March 2026. The offer is being conducted through a subsidiary and marks a key step toward completing the acquisition.

Under the terms of the offer, Terns shareholders will receive $53.00 per share in cash, subject to applicable tax withholdings and without interest. Once the transaction is completed, Terns will become a wholly owned subsidiary of Merck, strengthening the company’s pipeline and strategic capabilities.

Both companies have submitted the required regulatory filings with the U.S. Securities and Exchange Commission. Merck has filed a Schedule TO outlining the tender offer details, while Terns has filed a Schedule 14D-9 recommending that its shareholders accept the offer and tender their shares.

The tender offer is set to expire on May 4, 2026, unless extended. Its completion is subject to several conditions, including the tender of a majority of Terns’ shares and regulatory clearance under the Hart-Scott-Rodino Act. The deal is expected to close in the second quarter of 2026, pending fulfillment of these requirements.