Merck's logo on an office building against the blue sky — coverage from STAT
Adobe

By Adam Feuerstein

March 25, 2026

Adam Feuerstein, a senior writer and biotech columnist, is the author of Adam’s Biotech Scorecard, a subscriber-only newsletter about the crossroads of drug development, business, Wall Street, and biotechnology.

Adam Feuerstein

[email protected]

Adam Feuerstein is a senior writer and biotech columnist, reporting on the crossroads of drug development, business, Wall Street, and biotechnology. He is also a co-host of the weekly biotech podcast The Readout Loud and author of the newsletter Adam’s Biotech Scorecard. You can reach Adam on Signal at stataf.54.

Merck said Wednesday that it intends to buy Terns Pharmaceuticals, the developer of a promising leukemia treatment, for $6.7 billion.

The deal values Terns at $53 per share, or a 6% premium to its Tuesday closing price. Terns’ stock price increased six-fold over the past six months, based on the blockbuster potential of its leukemia drug, called TERN-701, and investor speculation that the company would be an attractive takeover target. 

Advertisement

For Merck, acquiring Terns deepens its cancer drug pipeline as the pharma giant prepares to lose patent protection and revenue from its blockbuster cancer immunotherapy drug Keytruda. 

STAT+ Exclusive Story

STAT+

This article is exclusive to STAT+ subscribers

Unlock this article — plus daily coverage and analysis of the pharma industry — by subscribing to STAT+.

Already have an account? Log in

Monthly

$39

Totals $468 per year

$39/month Get Started

Totals $468 per year

Starter

$30

for 3 months, then $399/year

$30 for 3 months Get Started

Then $399/year

Annual

$399

Save 15%

$399/year Get Started

Save 15%

11+ Users

Custom

Savings start at 25%!

Request A Quote Request A Quote

Savings start at 25%!

2-10 Users

$300

Annually per user

$300/year Get Started

$300 Annually per user

View All Plans

To read the rest of this story subscribe to STAT+.

Subscribe
, , ,
Submit a correction requestReprints

  1. Adam Feuerstein

    Senior Writer, Biotech

    Adam Feuerstein is a senior writer and biotech columnist, reporting on the crossroads of drug development, business, Wall Street, and biotechnology. He is also a co-host of the weekly biotech podcast The Readout Loud and author of the newsletter Adam’s Biotech Scorecard. You can reach Adam on Signal at stataf.54.