MergerMay 5, 2026, 09:31 AM
Terns Pharmaceuticals Acquired by Merck for $53.00 per Share
AI Summary
Terns Pharmaceuticals, Inc. announced the completion of its merger with Merck Sharp & Dohme LLC, through its subsidiary Purchaser. The tender offer for Terns' shares at $53.00 per share expired on May 4, 2026, with approximately 86.36% of shares tendered. Following the acceptance of these shares, Terns merged with Purchaser on May 5, 2026, becoming a wholly-owned subsidiary of Merck. As a result, Terns' common stock will be delisted from The Nasdaq Global Select Market.
Key Highlights
- Merck's subsidiary, Purchaser, completed the tender offer for Terns Pharmaceuticals shares at $53.00 per share.
- Approximately 86.36% of Terns' outstanding shares were validly tendered and not withdrawn by the May 4, 2026 deadline.
- Purchaser accepted all tendered shares on May 5, 2026.
- Terns Pharmaceuticals merged with Purchaser on May 5, 2026, becoming a wholly-owned subsidiary of Merck.
- Outstanding shares not tendered were converted into the right to receive the $53.00 per share Merger Consideration.
- In-the-money stock options and restricted stock units were cancelled and converted into cash payments based on the Merger Consideration.
- Terns Pharmaceuticals will be delisted from The Nasdaq Global Select Market.