Merck agreed to acquire Terns Pharmaceuticals in an all-cash deal valued at about $6.7 billion, bringing the CML candidate TERN-701 into Merck’s oncology portfolio. The transaction is expected to close in the second quarter of 2026, subject to antitrust clearance and a majority tender of Terns shares. Terns’ lead program is an oral BCR-ABL tyrosine kinase inhibitor with a distinct allosteric approach aimed at improving treatment convenience and potentially differentiation versus existing CML options, including drugs in the asciminib class. Investors reacted to Terns’ earlier clinical signaling after American Society of Hematology presentations, while analysts debated whether the bid price fully reflects peak sales potential.