Bloomberg Intelligence Merck to Acquire Terns Pharmaceuticals in $6.7 Billion Deal
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Mar 25, 2026 
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Investors Applaud Merck's Dealmaking
- Investors cheered the deal, sending Merck shares up rather than the typical buyer decline on M&A announcements.
- CEO Rob Davis signaled appetite for several deals in the tens of billions, implying more acquisitions are likely after this purchase.
Deal Price Might Invite Rival Bidders
- Some analysts think Merck's $53 offer may underprice Terns, leaving room for competing bids.
- Terns' stock had risen ~50% since January on M&A speculation, so market expectations were partly priced in.
Low Antitrust Risk For Buyer In Early‑Stage Pharma Deals
- Regulatory risk is low for this acquisition because Terns' lead drug is unapproved and its main competitor is held by Novartis.
- Past high-profile pharma blocks (e.g., Amgen-Horizon) were exceptional, making this transaction unlikely to draw antitrust scrutiny.