Merck & Co. has agreed to buy Terns Pharmaceuticals for about $6.7 billion, securing Terns’ lead oral BCR::ABL1 tyrosine kinase inhibitor TERN-701 as it prepares for major patent expirations across oncology. TERN-701 is being evaluated in the Phase I/II CARDINAL trial (NCT06163430) for Philadelphia chromosome-positive chronic-phase CML after prior TKI failure or intolerance. The therapy received FDA orphan drug designation in 2024, reflecting regulatory interest in this genetically defined patient population. Analysts cited the deal as a way to replenish Merck’s hematology-oncology growth as Keytruda’s loss of exclusivity approaches. For Terns, the transaction also validates a shift toward oncology after earlier metabolic pipeline plans.