# Terns Pharmaceuticals

Type: Company

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

## Timeline

- **2028**: Keytruda Patent Expiration — The primary patent for Merck's blockbuster drug Keytruda expires, opening the door for biosimilars.
- **2028**: Keytruda Patent Cliff — Merck faces the loss of exclusivity for its top-selling cancer immunotherapy.
- **2027**: Pipeline Integration — Merck integrates Terns' small-molecule oncology candidates into its global R&D infrastructure.
- **2026-Q4**: Expected Closing — Anticipated completion of the acquisition following regulatory and shareholder approvals.
- **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**: Expected Closing — Anticipated completion of the acquisition following regulatory reviews.
- **2026-03-25**: Acquisition Announced — Merck and Terns Pharmaceuticals announce a definitive $6.7 billion merger agreement.
- **2026-03-25**: Acquisition Announcement — Merck announces definitive agreement to buy Terns for $6.7 billion.
- **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.
- **2024**: Clinical Progress — Terns Pharmaceuticals advances TERN-701 through early-stage clinical trials for CML.

## Recent coverage (3 stories)

### Merck Takes 1.2M-Share Stake in AI Vaccine Firm Evaxion
2026-08-22 13:50:46 · Sentiment: Positive · Impact: 6/10 · Sources: 2

Merck's disclosure of a 1.21 million-share stake in Evaxion A/S signals growing pharma confidence in AI-discovered vaccine candidates. For health systems, the partnership could accelerate a new class of antigen-targeted vaccines for bacterial pathogens.
Full story: https://gethealthbrief.com/story/merck-stake-evaxion-ai-vaccine-health

### Merck Bolsters Oncology Pipeline with $6.7B Acquisition of Terns Pharmaceuticals
2026-03-25 19:17:39 · Sentiment: Positive · Impact: 8/10 · Sources: 2

Merck has reached a definitive agreement to acquire Terns Pharmaceuticals for $6.7 billion, securing a promising Phase 2 leukemia treatment. The cash 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://gethealthbrief.com/story/merck-acquires-terns-pharmaceuticals-leukemia-deal

### Merck to Acquire Terns for $6.7B to Fortify Oncology Pipeline
2026-03-25 16:34:35 · Sentiment: Positive · Impact: 8/10 · Sources: 2

Merck has entered into a definitive agreement to acquire Terns Pharmaceuticals for $6.7 billion, a strategic move designed to diversify its oncology portfolio. The acquisition comes as Merck prepares for the impending patent expiration of its top-selling cancer immunotherapy, Keytruda, later this decade.
Full story: https://gethealthbrief.com/story/merck-terns-acquisition-oncology-strategy

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