Merck Completes Acquisition of Terns Pharmaceuticals
Merck & Co Inc. has successfully acquired Terns Pharmaceuticals Inc., reinforcing its hematology and oncology pipeline. The acquisition primarily focuses on TERN-701, a promising CML therapy candidate with FDA Breakthrough Therapy Designation, which is expected to strengthen Merck's long-term oncology growth despite an anticipated near-term earnings charge of approximately US$2.35 per share in 2026. This strategic move aims to diversify Merck's portfolio beyond existing blockbuster assets and address unmet needs in chronic myeloid leukemia treatment.
Merck raises $6 billion in bond sale to refinance Terns deal
Merck & Co. has raised $6 billion through an investment-grade bond sale to refinance the debt incurred from its recent acquisition of Terns Pharmaceuticals Inc. The bond offering, structured in seven parts with the longest portion being a 30-year security, aims to repay borrowings under a 364-day credit facility used to fund the $6.7 billion Terns acquisition. This deal provides Merck with access to a leukemia treatment.
Mizuho Maintains Terns Pharmaceuticals (TERN) Outperform Recommendation
Mizuho has reiterated its Outperform rating for Terns Pharmaceuticals (TERN). The firm also maintained its price target for TERN at $17.00. This analyst action suggests continued confidence in the company's performance and future prospects.
[15-12G] Terns Pharmaceuticals, Inc. SEC Filing
Terns Pharmaceuticals, Inc. (TERN) has filed a Form 15-12G with the SEC, certifying the termination of its registration under Section 12(g) and suspension of its duty to file reports. This action follows Merck's recent acquisition of Terns Pharmaceuticals, Inc., which completed on May 5, 2026. The filing indicates one holder of record and was signed by Kelly E.W. Grez, Secretary, on May 15, 2026.
Adage Capital (TERN) holds 2.12M shares, representing 1.84% of float
Adage Capital Management, L.P. has filed an amended Schedule 13G/A, reporting shared beneficial ownership of 2,124,817 shares of Terns Pharmaceuticals common stock (TERN). This stake represents 1.84% of the class, calculated based on 115,413,392 shares outstanding as of March 27, 2026. The holding is classified as passive institutional ownership, with shared voting and dispositive power attributed to Adage Capital Partners, L.P., and individuals Robert Atchinson and Phillip Gross through their roles in related entities.
Morgan Stanley discloses 6.43M shares in Terns Pharmaceuticals (TERN)
Morgan Stanley has filed an amended Schedule 13G/A, revealing its indirect holdings in Terns Pharmaceuticals, Inc. The filing indicates that one Morgan Stanley reporting unit holds 6,433,964 shares, representing a 5.6% beneficial ownership stake with shared dispositive power. A related entity, Morgan Stanley Capital Services LLC, holds 5,764,462 shares, equating to a 4.9% stake, and has ceased to be a beneficial owner of more than five percent.
Strs Ohio Takes $881,000 Position in Terns Pharmaceuticals, Inc. $TERN
Strs Ohio has acquired a new stake of 21,800 shares, valued at $881,000, in Terns Pharmaceuticals (NASDAQ:TERN) during the fourth quarter. This move is part of a broader trend of increased institutional investment, with Vanguard Group also significantly boosting its holdings, bringing institutional ownership to approximately 98.26%. Despite this, company insiders, including CEO Amy L. Burroughs, have been selling shares, reducing their total ownership to about 1.50%.
Merck Pipeline Update With Terns Deal And Oral PCSK9 Progress
Merck has expanded its pipeline by acquiring Terns Pharmaceuticals, adding TERN-701, a chronic myeloid leukemia drug, and has made progress in developing an oral PCSK9 inhibitor. These strategic moves bolster Merck's oncology and cardiometabolic assets, providing potential new revenue streams as its key drug KEYTRUDA approaches patent expiry. Investors are watching these developments to assess Merck's long-term earnings potential and manufacturing capabilities.
TERN SEC Filings - Terns Pharmaceuticals, Inc. 10-K, 10-Q, 8-K Forms
This page provides a comprehensive resource for Terns Pharmaceuticals (TERN) SEC filings, including 10-K, 10-Q, and 8-K forms, alongside insider trading information. It details Terns' use of these filings for material events, clinical data updates for TERN-701, financial results, and capital raises. AI-powered summaries of recent filings are also available, covering topics like stock sales, quarterly earnings, and clinical trial progress.
[EFFECT] Terns Pharmaceuticals, Inc. SEC Filing
Terns Pharmaceuticals, Inc. filed a Notice of Effectiveness with the SEC on May 8, 2026, with an effectiveness date of May 7, 2026. This filing is deemed neutral in both impact and sentiment. The company, trading as NASDAQ: TERN, recently saw Merck complete its acquisition in May 2026 and received FDA Breakthrough Therapy Designation for TERN-701.
Terns Pharmaceuticals (TERN) director options cashed out in $53 Merck deal
Terns Pharmaceuticals director David A. Fellows reported nine stock option dispositions as part of the company's cash merger with Merck. These options were cancelled and converted into a right to receive cash equal to the $53.00 per share merger consideration minus the option's exercise price, rather than being open-market trades. This transaction reflects compensation-related adjustments due to the completed tender offer.
Merck Completes Acquisition Of Terns Pharmaceuticals, Inc. >MRK TERN
Merck has completed its acquisition of Terns Pharmaceuticals, Inc. The article also mentions Unity Software's recent financial results, specifying a 35% year-over-year revenue increase to $609 million for Q4, exceeding estimates, despite reporting a quarterly loss of 66 cents per share. This news highlights activity in both pharmaceutical and technology sectors.
Merck completes acquisition of Terns (TERN) for $53.00 per share
Merck has successfully completed its acquisition of Terns Pharmaceuticals, Inc. (TERN) for $53.00 per share in cash. The tender offer expired on May 4, 2026, with approximately 86.36% of Terns' outstanding shares validly tendered and accepted. As a result, Terns will now operate as a wholly owned subsidiary of Merck, and its shares are expected to be delisted from Nasdaq and its registration terminated.
TERN SEC Filings - Terns Pharmaceuticals, Inc. 10-K, 10-Q, 8-K Forms
This page provides access to Terns Pharmaceuticals, Inc. (TERN) SEC filings, including 10-K, 10-Q, 8-K, and Form 4 documents. It highlights how these filings are used to report material events such as clinical data updates for TERN-701 from the CARDINAL trial, financial results, and capital market transactions. The platform also offers AI-powered tools to summarize filings and analyze key information related to the company's oncology focus.
Merck deal cancels Terns (NASDAQ: TERN) director stock options
Terns Pharmaceuticals director Radhika Tripuraneni reported the disposition of multiple stock option awards back to the company, which were canceled as part of Merck's acquisition of Terns. These options were converted into a cash payout based on the $53.00-per-share merger consideration, minus their respective exercise prices. This transaction, detailed in a Form 4 SEC filing, was a mechanical cancellation in connection with Merck's completed tender offer for Terns shares.
Merck deal cancels Terns Pharmaceuticals (TERN) director stock options
Terns Pharmaceuticals director Robert Azelby reported the cancellation of stock options as a result of the company's merger with Merck. On May 5, 2026, he disposed of options covering 1,697 shares and another 90,000 shares, which converted into a cash payout based on the $53.00 per share merger consideration. This transaction aligns with the Merger Agreement, where options with an exercise price below the merger consideration are cancelled and converted into a cash right.
Terns Pharmaceuticals (TERN) CEO cashes out shares and options in $53 Merck buyout
Amy L. Burroughs, CEO of Terns Pharmaceuticals (TERN), has disposed of all her equity interests in the company following its acquisition by Merck Sharp & Dohme LLC for $53 per share. This includes tendering common stock and cancelling outstanding stock options for cash as defined by the merger agreement. Following these transactions, Burroughs no longer holds any common shares or stock options in Terns Pharmaceuticals.
CFO cashes out in Merck’s $53-per-share takeover of Terns (TERN)
Terns Pharmaceuticals' CFO, Andrew Gengos, has disposed of his equity holdings following Merck's $53-per-share cash acquisition of the company. These transactions included tendering shares, returning shares to the issuer, and converting stock options and restricted stock units into cash at the merger price. After these transactions, Gengos holds no remaining common stock or stock options in Terns Pharmaceuticals.
Terns (TERN) director’s options cancelled, converted to cash in Merck deal
Terns Pharmaceuticals director Heather D. Turner disposed of stock options back to the issuer in connection with the company's merger with Merck. These options, covering 1,697, 64,000, and 45,000 shares at various exercise prices, were cancelled and converted into cash. Under the merger agreement, unexercised options with an exercise price below the $53.00 per share merger consideration were cashed out at the difference between the merger price and the exercise price, subject to withholding taxes.
Terns (NASDAQ: TERN) director options canceled in $53 Merck buyout
Terns Pharmaceuticals director Jeffrey B. Kindler reported the cancellation of multiple stock option awards on May 5, 2026, as part of the company's $53 per share cash merger with Merck. These options, with exercise prices below $53.00, were converted into a cash payout comprising the difference between the merger consideration and the option's exercise price. Following these transactions, Kindler holds zero remaining stock options in Terns Pharmaceuticals.
Merck completes Terns Pharmaceuticals acquisition
Merck has successfully completed its acquisition of Terns Pharmaceuticals for $53.00 per share in cash. Terns, now a wholly-owned subsidiary of Merck, will no longer be listed on Nasdaq. The acquisition involved a tender offer for 86.36% of Terns' shares, followed by a merger, and is expected to result in a significant charge of approximately $5.8 billion to Merck's research and development expense, impacting both GAAP and non-GAAP EPS in 2026.
Merck Completes $53-a-Share Acquisition of Terns Pharmaceuticals, Advancing Hematology Pipeline
Merck has completed its acquisition of Terns Pharmaceuticals for $53.00 per share in cash, integrating Terns' late-stage hematology asset, TERN-701, into its oncology pipeline. TERN-701, an investigational therapy for chronic myeloid leukemia, recently received Breakthrough Therapy Designation from the FDA. This acquisition strengthens Merck's hematology portfolio and aligns with its strategy of targeted, science-driven business development to address unmet medical needs.
Terns Pharmaceuticals, Inc.(NasdaqGS:TERN) dropped from S&P Pharmaceuticals Select Industry Index
Terns Pharmaceuticals, Inc. (NasdaqGS:TERN) has been removed from the S&P Pharmaceuticals Select Industry Index. The company is actively developing a portfolio of small-molecule product candidates, including its clinical-stage programs TERN-701 for CML, TERN-601 for obesity, and TERN-501 for metabolic diseases, in addition to its TERN-800 series for obesity. Recent news also highlights Merck's tender offer to acquire Terns Pharmaceuticals.
Terns Pharmaceuticals Announces FDA Breakthrough Therapy Designation Granted to TERN-701 for Certain Patients with Chronic Myeloid Leukemia
Terns Pharmaceuticals has been granted FDA Breakthrough Therapy Designation for TERN-701, an oral BCR::ABL1 inhibitor, to treat adult patients with Philadelphia chromosome-positive chronic myeloid leukemia (Ph+ CML). This designation is for patients without the T315I mutation who have previously been treated with two or more tyrosine kinase inhibitors. The decision was based on promising data from the Phase 1/2 CARDINAL clinical trial, showing encouraging major molecular and deep molecular responses with a favorable safety profile.
Oppenheimer Maintains Terns Pharmaceuticals(TERN.US) With Hold Rating, Maintains Target Price $52.89
Oppenheimer has reiterated its Hold rating for Terns Pharmaceuticals (TERN.US) and maintained its target price at $52.89. This indicates a neutral stance on the stock's future performance based on the firm's analysis.
Executive pay, ownership and board structure at Terns (NASDAQ: TERN)
Terns Pharmaceuticals (NASDAQ: TERN) filed an amendment to its 2025 annual report (10-K/A) to provide detailed governance, executive compensation, and ownership information, which was previously expected from its proxy statement. The amendment confirmed 115.5 million common shares outstanding as of April 17, 2026, and disclosed CEO Amy Burroughs's 2025 total compensation of $4.59 million, largely equity-based. It also outlined the board's structure, committee independence, equity incentive plans, and identified Morgan Stanley as a major beneficial owner with a 6.1% stake.
Terns Pharmaceuticals Announces FDA Breakthrough Therapy Designation Granted to TERN-701 for Certain Patients with Chronic Myeloid Leukemia
Terns Pharmaceuticals announced that the U.S. FDA has granted Breakthrough Therapy Designation to TERN-701 for adult patients with Philadelphia chromosome-positive chronic myeloid leukemia (Ph+ CML) in the chronic phase who have been previously treated with two or more tyrosine kinase inhibitors and do not have the T315I mutation. This designation is based on promising data from the Phase 1/2 CARDINAL clinical trial, showing encouraging major molecular response and deep molecular response rates with a favorable safety profile. The company anticipates this designation, alongside Merck's agreement to acquire Terns, will accelerate TERN-701's development towards pivotal trials and patient access.
Terns Pharmaceuticals gets FDA breakthrough status for leukemia drug
Terns Pharmaceuticals Inc. announced that the FDA has granted Breakthrough Therapy Designation for its drug TERN-701. This designation is for treating adult patients with chronic myeloid leukemia in the chronic phase who have specific mutations and have previously failed two or more tyrosine kinase inhibitors. The decision is based on positive data from its Phase 1/2 CARDINAL clinical trial, showing significant molecular response rates and a favorable safety profile.
FDA breakthrough status puts Terns leukemia drug on faster path
Terns Pharmaceuticals (Nasdaq: TERN) announced on April 27, 2026, that its drug TERN-701 received FDA Breakthrough Therapy Designation for specific adult patients with chronic myeloid leukemia (CML). This designation, supported by encouraging Phase 1/2 CARDINAL trial data, is expected to accelerate the development and review of TERN-701, especially following Merck's recent agreement to acquire Terns. The drug aims to provide improved efficacy, safety, and tolerability for CML patients previously treated with other therapies.
Terns Pharmaceutical prices stock at $40 per share
The article reports that Terns Pharmaceutical has priced its stock at $40 per share. This information indicates a recent financial move by the company related to its stock offering.
Merck Announces Expiration of Hart-Scott-Rodino Act Waiting Period to Acquire Terns Pharmaceuticals, Inc.
Merck announced that the Hart-Scott-Rodino (HSR) Act waiting period for its acquisition of Terns Pharmaceuticals expired on April 23, 2026. This satisfies one of the conditions for Merck's previously announced cash tender offer to acquire all outstanding shares of Terns for $53.00 per share. The tender offer remains subject to other conditions, including the tender of over 50% of Terns' outstanding shares.
Terns Pharmaceuticals Options Spot-On: On March 25th, 147.32K Contracts Were Traded, With 49,212 Open Interest
This article reports significant options trading activity for Terns Pharmaceuticals (TERN) on March 25th, with 147,320 contracts traded and an open interest of 49,212. Over 50% of the daily transactions were bullish trades, indicating a potentially positive sentiment among option traders for the stock. This surge in trading volume suggests increased investor interest and speculative activity around Terns Pharmaceuticals.
TERN Maintained by JP Morgan -- Price Target Raised to $44.50
JP Morgan analyst Rodolfo Angele maintained an Overweight rating for Terns Pharmaceuticals (TERN) and raised its price target to $44.50 on April 14, 2026. Despite this optimistic outlook, the company has a GF Score™ of 34/100, indicating below-average performance potential, and significant insider selling has occurred in the past three months. Terns Pharmaceuticals is a clinical-stage biopharmaceutical company focusing on treatments for chronic diseases.
Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Terns Pharmaceuticals, Inc.
Kahn Swick & Foti, LLC (KSF) is investigating the proposed sale of Terns Pharmaceuticals, Inc. (NasdaqGS: TERN) to Merck (NYSE: MRK) for $53.00 per share in cash. KSF is evaluating whether the consideration and the process leading to it are adequate, suspecting the offer might undervalue the company. Shareholders are encouraged to contact KSF if they believe the transaction undervalues Terns Pharmaceuticals or to discuss their legal rights.
Terns Pharmaceuticals Investor Alert: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Terns Pharmaceuticals, Inc. - TERN
Kahn Swick & Foti, LLC (KSF) is investigating the proposed sale of Terns Pharmaceuticals, Inc. (NasdaqGS: TERN) to Merck (NYSE: MRK). The law firm is scrutinizing whether the proposed cash consideration of $53.00 per share for Terns shareholders and the underlying process are adequate, or if they undervalue the company. KSF encourages shareholders who believe the transaction undervalues the company to contact them to discuss their legal rights.
Terns Pharmaceuticals Investor Alert: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Terns Pharmaceuticals, Inc. - TERN
Kahn Swick & Foti, LLC (KSF) is investigating the proposed sale of Terns Pharmaceuticals, Inc. (NasdaqGS: TERN) to Merck (NYSE: MRK) for $53.00 per share in cash. KSF is scrutinizing the adequacy of the consideration and the process that led to the transaction, seeking to determine if it undervalues the Company. Shareholders concerned about the proposed sale are encouraged to contact KSF to discuss their legal rights, especially given the tender offer structure.
Merck & Co. Deepens Hematology Pipeline with $6.7 Billion Terns Acquisition
Merck & Co. announced a definitive agreement to acquire Terns Pharmaceuticals for $6.7 billion, at $53 per share in cash. This acquisition will add TERN-701, an oral candidate for chronic myeloid leukemia, to Merck's hematology portfolio, strengthening its oncology position and diversifying its therapeutic areas. The deal is expected to close in the second quarter of 2026.
Merck Lowered Terns Pharmaceuticals Offer Price After Trial Data Review
Merck & Co. lowered its offer to acquire Terns Pharmaceuticals from $61 to $53 per share after reviewing updated clinical trial data for Terns' lead drug, TERN-701. The updated data from the CARDINAL trial showed a lower major molecular response (MMR) achievement rate, which influenced Merck's negotiation strategy and also led another large pharmaceutical company to withdraw its competing bid. Despite the lower rate, Merck still considered the data compelling relative to asciminib and remains enthusiastic about the acquisition.
Why Terns Pharmaceuticals Stock Rocked the Market in March
Terns Pharmaceuticals (NASDAQ: TERN) saw its stock price increase by over 25% in March due to an agreement for Merck to acquire the company for $53 per share, totaling approximately $6.7 billion. This acquisition is largely driven by Terns' lead drug candidate, TERN-701, a promising treatment for chronic myeloid Leukemia (CML) that Merck aims to integrate into its oncology portfolio. The deal is expected to close in the current quarter, offering Terns shareholders a significant premium and bolstering Merck's future revenue streams as its star drug Keytruda faces patent expiration.
Why Terns Pharmaceuticals Stock Rocked the Market in March
Terns Pharmaceuticals (NASDAQ: TERN) saw a significant stock price increase in March due to an agreement to be acquired by Merck for $53 per share in cash, totaling approximately $6.7 billion. The deal represents a 42% premium over Terns' 90-day volume-weighted average price and is expected to close in the current quarter. Terns' lead drug candidate, TERN-701 for chronic myeloid Leukemia, is considered the primary asset in this acquisition, which analysts believe is a bargain for Merck.
Mizuho reiterates Terns Pharmaceuticals stock rating at Neutral
Mizuho has reiterated a Neutral rating and a $53.00 price target for Terns Pharmaceuticals (NASDAQ:TERN) after an SEC filing detailed the company’s merger process with Merck. The filing revealed an initial unsolicited offer and subsequent higher offers, with Merck ultimately bidding $61 per share and Terns projecting significant market share and revenue for TERN-701, although these projections were later revised downwards. Despite initial investor disappointment with Merck's $53 per share offer, Mizuho views the deal as an excellent outcome for shareholders, while other firms downgraded their ratings.
TERN SEC Filings - Terns Pharmaceuticals, Inc. 10-K, 10-Q, 8-K Forms
This page provides a comprehensive resource for Terns Pharmaceuticals, Inc. (TERN) SEC filings, including annual 10-K, quarterly 10-Q, material event 8-K, and insider trading Form 4 reports. It details how the company uses these filings to disclose clinical data updates for programs like TERN-701, financial results, and capital market transactions. The platform also offers AI-powered tools to summarize these documents and highlight key information relevant to investors.
TERN SEC Filings - Terns Pharmaceuticals, Inc. 10-K, 10-Q, 8-K Forms
This page provides a comprehensive resource for Terns Pharmaceuticals (TERN) SEC filings, including 10-K, 10-Q, 8-K reports, and insider trading forms. It highlights how these filings communicate material information to the market, such as clinical data updates for TERN-701, financial results, and capital raises. AI-powered tools are available to summarize lengthy filings and analyze clinical data, financing, and regulatory updates.
Merck begins tender offer to buy Terns Pharmaceuticals
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Merck launches tender offer to acquire Terns Pharmaceuticals for $53 per share
Merck & Co. has commenced a cash tender offer to acquire all outstanding shares of Terns Pharmaceuticals Inc. for $53.00 per share, following a definitive acquisition agreement from March 25, 2026. Terns' board has recommended shareholders accept the offer, which is set to expire on May 4, 2026. The transaction is subject to shareholder tenders and regulatory approvals, with Merck expecting to close in the second quarter of 2026.
Shareholder Alert: Ademi LLP investigates whether Terns Pharmaceuticals Inc. is obtaining a Fair Price for Public Shareholders
Ademi LLP is investigating Terns Pharmaceuticals (NASDAQ: TERN) regarding potential breaches of fiduciary duty related to its recent transaction with Merck. Terns stockholders are set to receive $53.00 per share in cash, valuing the equity at approximately $6.7 billion. The investigation will examine whether the Terns board of directors is fulfilling its fiduciary duties to all shareholders and if the transaction offers a fair price, especially given the significant penalty clause for competing bids.
Terns rebuffed a higher bid before selling to Merck
Terns Pharmaceuticals accepted a buyout offer from Merck & Co. last month that was 15% lower than a previous proposal from an unnamed "Party C." This occurred after updated clinical data for Terns' lead drug, TERN-701, showed a lower response rate, causing Party C to withdraw and Merck to lower its offer. Despite the reduced bid, analysts believe the deal with Merck is likely to be completed, and another higher bidder is unlikely to emerge.
43,857 Shares in Terns Pharmaceuticals, Inc. $TERN Acquired by SG Americas Securities LLC
SG Americas Securities LLC has acquired a new position of 43,857 shares, valued at approximately $1.77 million, in Terns Pharmaceuticals (NASDAQ:TERN) during the fourth quarter. This acquisition contributes to the company's high institutional ownership of 98.26%. Despite insider selling activity, analysts have a "Hold" consensus rating with a $56.30 price target, and the company recently surpassed earnings per share estimates.
Capricorn Fund Managers Ltd Takes $6.12 Million Position in Terns Pharmaceuticals, Inc. $TERN
Capricorn Fund Managers Ltd has acquired a new stake of 151,436 shares in Terns Pharmaceuticals, Inc. (NASDAQ:TERN), valued at approximately $6.12 million, making it their 27th largest holding. The article also notes recent insider selling by CEO Amy L. Burroughs and Emil Kuriakose, totaling $3.85 million over the past three months, though corporate insiders still own 1.50% of the stock. Analyst consensus presents a "Hold" rating with an average target price of $56.30, reflecting mixed views despite the stock's recent earnings beat.
Three new Terns employees get 23,316 stock units over 4 years
Terns Pharmaceuticals (Nasdaq: TERN) has granted inducement equity awards totaling 23,316 restricted stock units (RSUs) to three new employees, effective April 1, 2026. These RSUs will vest over four years, contingent on continued service, and were approved by the Compensation Committee in accordance with Nasdaq Listing Rule 5635(c)(4). The grants serve as a material inducement for the employees to accept employment with the company, which is currently undergoing an acquisition by Merck.
