M&A · Healthcare · Pharmaceutical Preparations
Merck & Co., Inc. to acquire Terns Pharmaceuticals, Inc.
Announced Mar 25, 2026 · Closed May 5, 2026
Deal value$6.70BEV $6.55B
Premium54.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$53.00 per share
Transaction
- Acquirer
- Merck & Co., Inc. (MRK)
- Target
- Terns Pharmaceuticals, Inc. (TERN)
- Buyer type
- Strategic
- Offer price per share
- $53.00
- Enterprise value
- $6.55B
- Status
- Closed May 5, 2026
Deal protections
- Break fee (target pays)
- $235M · 3.5%
- Reverse fee (buyer pays)
- $270M · 4.0%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview, Jefferies
Sector context · Healthcare
- Comparable deals
- 96 in the prior 24 months
- Premium
- 54.0% vs. 52.0% sector median
- EV / Adj. EBITDA
- Sector median 13.4x
- Break fee
- 3.5% vs. 3.4% sector median
Timeline
- AnnouncedMar 25, 2026
- Tender offerApr 7, 2026
- ClosedMay 5, 2026