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Corporate Score 85 Neutral

Merck to Acquire Terns Pharmaceuticals in $6.7 Billion Deal to Strengthen Oncology Pipeline

Mar 25, 2026 11:14 UTC
MRK, PFE, BMY, VRTX
Long term

Merck has agreed to acquire Terns Pharmaceuticals in a $6.7 billion all-cash transaction, aiming to bolster its cancer drug development pipeline ahead of Keytruda's patent expiry in 2028. The move marks a strategic effort to maintain competitiveness in the oncology market.

  • Merck to acquire Terns Pharmaceuticals for $6.7 billion in an all-cash transaction
  • Keytruda's patent protection is set to expire in 2028
  • Acquisition aims to strengthen Merck's oncology pipeline
  • Terns Pharmaceuticals has clinical-stage cancer therapies
  • Deal is expected to close in the second half of 2026
  • Other major players in the sector include PFE, BMY, and VRTX

Merck is expanding its oncology capabilities through the acquisition of Terns Pharmaceuticals, a move designed to offset the anticipated revenue impact from the loss of patent protection for its flagship cancer drug, Keytruda, in 2028. The $6.7 billion all-cash deal underscores Merck’s proactive approach to securing a robust pipeline of next-generation therapies amid growing market competition. Terns brings a clinical-stage portfolio focused on novel cancer treatments, including compounds targeting solid tumors and immuno-oncology pathways. The acquisition positions Merck to diversify its oncology offerings and accelerate the development of innovative therapies. This transaction follows increasing pressure on major pharmaceutical players—such as Pfizer (PFE), Bristol Myers Squibb (BMY), and Vertex Pharmaceuticals (VRTX)—to innovate and defend market share in a rapidly evolving cancer treatment landscape. The deal is expected to close in the second half of 2026, pending regulatory approvals.

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