Merck to acquire Terns for $6.7bn to boost cancer pipeline

Merck has agreed to acquire Terns Pharmaceuticals for $6.7 billion, expanding its oncology pipeline. Merck is targeting Terns' experimental oral therapy, TERN-701, for treating chronic myeloid leukemia. The deal values Terns at $53 per share, a 6% premium to its closing price. Terns stock rose 4% in premarket trading as investors reacted to the multibillion-dollar buyout.