Merck poised to buy Terns Pharma for about $6bn to boost cancer pipeline

Merck is nearing an all-cash roughly $6 billion deal to acquire Terns Pharma to strengthen its cancer-drug pipeline ahead of Keytruda’s patent expiry around 2028. Terns’ early-stage treatment for chronic myeloid leukemia could advance to late-stage trials by year-end or early 2027. The deal follows Merck’s recent biotech acquisitions (Verona Pharma, Cidara) as the pharma industry braces for patent cliffs and mounting dealmaking in biotechnology.