Merck (MSD) announced a $6.7 billion all-cash acquisition offer for Terns Pharmaceuticals, including $53 per share consideration and closing expected in the second quarter of 2026 subject to antitrust clearance and tender conditions. The deal follows Merck’s earlier failure of attempts to acquire other oncology assets and targets Terns’ lead candidate TERN-701, a BCR-ABL1 tyrosine kinase inhibitor in early-phase CML development. The article notes early clinical signals from Terns’ Phase I study, including overall major molecular response rates at week 24, placing TERN-701 in direct competition with existing CML therapies that target BCR-ABL1 variants. For Merck, the move is also positioned as portfolio diversification in hematology and oncology as key patents approach expiration for blockbuster assets. The bid is likely to re-energize deal chatter in oncology, with analysts debating whether the offer reflects the upside of TERN-701 versus peer acquisition benchmarks.