Last mentioned: Mar 25, 2026
Keytruda Patent Expiration
The primary patent for Merck's blockbuster drug Keytruda expires, opening the door for biosimilars.
Keytruda Patent Expiry
Merck faces biosimilar competition for its top-selling immunotherapy drug.
Pipeline Integration
Merck integrates Terns' small-molecule oncology candidates into its global R&D infrastructure.
TERN-701 Data Readout
Key clinical milestones for the leukemia candidate are expected to drive valuation.
Expected Closing
Anticipated completion of the acquisition following regulatory and shareholder approvals.
Expected Closing
The deal is anticipated to close following regulatory approvals and Terns shareholder vote.
Acquisition Announced
Merck and Terns Pharmaceuticals announce a definitive $6.7 billion merger agreement.
Acquisition Announced
Merck and Terns Pharmaceuticals sign a definitive agreement for a $6.7B buyout.
Merck has entered into a definitive agreement to acquire Terns Pharmaceuticals for $6.7 billion in cash, a strategic move to diversify its oncology pipeline. The deal centers on Terns' promising leukemia candidate, TERN-701, as Merck prepares for the 2028 patent expiration of its blockbuster immunotherapy, Keytruda.
Merck has entered into a definitive agreement to acquire Terns Pharmaceuticals for $6.7 billion, a strategic move designed to diversify its oncology portfolio. The acquisition comes as Merck prepares for the impending patent expiration of its top-selling cancer immunotherapy, Keytruda, later this decade.