Merck to Acquire Terns Pharmaceuticals from HBM for $6.7 Billion

HBM Healthcare Investments has announced the acquisition of its portfolio company, Terns Pharmaceuticals, by Merck for $53.00 per share in cash. Terns Pharmaceuticals, listed on Nasdaq as TERN, has attracted Merck's attention with its innovative approach in oncology. HBM had invested a total of $19 million since February 2024, witnessing a significant return on investment as the acquisition yields three times the capital.

This transaction is the seventh acquisition from HBM's portfolio this financial year, highlighting a robust investment strategy. Terns Pharmaceuticals specializes in oncology, with its flagship program TERN-701 showing promise in treating chronic myeloid leukemia through a novel therapeutic approach.