# Terns Pharmaceuticals

Type: Company

Source: Biotech Intelligence Brief — https://getbiobrief.com/entity/terns-pharmaceuticals
Canonical HTML page: https://getbiobrief.com/entity/terns-pharmaceuticals

## Timeline

- **2028**: Keytruda Patent Expiry — Merck faces biosimilar competition for its top-selling immunotherapy drug.
- **2028-01-01**: Keytruda Patent Cliff — Expected loss of exclusivity for Merck's top-selling cancer drug, Keytruda.
- **2027**: TERN-701 Data Readout — Key clinical milestones for the leukemia candidate are expected to drive valuation.
- **2026-08-11**: Argus raises Merck price target — Argus lifts its Merck target from $130 to $145 with a Buy rating, citing pipeline depth and clinical progress.
- **2026-08-10**: Merck discloses Evaxion stake — Merck reports holding 1,214,126 shares of Evaxion A/S in a regulatory filing.
- **2026-Q3**: Expected Closing — The deal is anticipated to close following regulatory approvals and Terns shareholder vote.
- **2026-03-25**: Acquisition Announced — Merck and Terns Pharmaceuticals sign a definitive agreement for a $6.7B buyout.
- **2026-03-25**: Terns Acquisition Announced — Merck agrees to buy Terns Pharmaceuticals for $6.7 billion to acquire TERN-701.
- **2025-09**: Merck exercises EVX-B3 option — Merck decides to in-license Evaxion's discovery-stage AI-derived vaccine candidate EVX-B3 against an undisclosed bacterial pathogen.
- **2023-04-16**: Prometheus Acquisition — Merck buys Prometheus Biosciences for $10.8 billion to bolster its immunology pipeline.
- **2021-09-30**: Acceleron Acquisition — Merck acquires Acceleron Pharma for $11.5 billion to expand in cardiovascular disease.

## Recent coverage (3 stories)

### Merck's EVX-B3 Option Turns 1.2M Evaxion Stake Into Validation
2026-08-22 13:50:28 · Sentiment: Positive · Impact: 6/10 · Sources: 2

Merck's option to in-license Evaxion's EVX-B3 vaccine candidate, combined with a 1.21 million-share stake, provides early validation for the biotech's AI antigen discovery platform. For biotech investors, the deal is a discovery-stage bet with long clinical timelines.
Full story: https://getbiobrief.com/story/merck-evaxion-evb3-ai-vaccine-validation

### Merck to Acquire Terns Pharmaceuticals for $6.7B to Bolster Oncology Pipeline
2026-03-25 19:18:13 · Sentiment: Positive · Impact: 8/10 · Sources: 2

Merck has entered into a definitive agreement to acquire Terns Pharmaceuticals for $6.7 billion, securing a promising allosteric BCR-ABL inhibitor for leukemia. The deal is a strategic move to diversify Merck's oncology portfolio as it prepares for the 2028 patent expiration of its blockbuster drug, Keytruda.
Full story: https://getbiobrief.com/story/merck-terns-pharmaceuticals-acquisition-6-7b

### Merck to Acquire Terns for $6.7B to Mitigate Keytruda Patent Cliff
2026-03-25 16:35:08 · Sentiment: Positive · Impact: 8/10 · Sources: 2

Merck has entered into a definitive agreement to acquire Terns Pharmaceuticals for $6.7 billion in cash, a strategic move to diversify its oncology pipeline. The deal centers on Terns' promising leukemia candidate, TERN-701, as Merck prepares for the 2028 patent expiration of its blockbuster immunotherapy, Keytruda.
Full story: https://getbiobrief.com/story/merck-terns-acquisition-oncology-strategy

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