Merck & Co Inc. (MRK) said Tuesday it has commenced a cash tender offer to acquire all outstanding shares of Terns Pharmaceuticals, Inc. (TERN).
The move follows a definitive agreement announced on March 25, 2026, under which Merck agreed to acquire Terns.
Under the terms of the tender offer, Terns shareholders will receive $53 per share in cash upon closing.
Following completion of the offer, Terns will become a unit of Merck.
The tender offer is set to expire on May 4, and the transaction is expected to close in the second quarter of 2026.
Terns Pharma shares closed at $52.78 on Monday, up 0.11%.
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