Merck to Buy Terns for $6.7 Billion to Grow in Blood Cancers

Merck & Co. agreed to buy Terns Pharmaceuticals Inc. for $6.7 billion, giving the multinational company access to a promising new leukemia treatment as it faces the patent expiration of its bestselling cancer drug.

Merck will pay $53 per share in cash for Terns, according to a statement, a 6% premium to its closing price on Tuesday — and a roughly 50% premium to the stock’s low in January before it surged on takeover speculation.