Shares of Terns Pharmaceuticals, Inc. (TERN) are moving up about 5 percent on Wednesday morning trading after Merck (MRK) announced a definitive agreement to acquire the company, through its subsidiary, for $53.00 per share in cash for an approximate equity value of $6.7 billion.
The company's shares are currently trading at $52.63 on the Nasdaq, up 5.26 percent. The stock opened at $52.62 and has climbed as high as $52.65 so far in today's session. Over the past year, it has traded in a range of $1.87 to $52.65.
Merck said that the acquisition would further strengthen its position in oncology and broaden its portfolio into other therapeutic areas. Meanwhile, for Terns, the acquisition would help to advance its lead candidate TERN-701 by leveraging the deep expertise and significant resources at Merck.
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