Time to make an offer, Merck clears HSR waiting period for $53 per share acquisition

Merck (NYSE: MRK) announced that the Hart-Scott-Rodino Act waiting period for its acquisition of Terns Pharmaceuticals (TERN) expired on April 23, 2026, at 11:59 p.m. Eastern Time.

The pharmaceutical company commenced a cash tender offer on April 7, 2026, to purchase all outstanding shares of Terns for $53.00 per share through a subsidiary. The expiration of the HSR waiting period satisfies one condition necessary for completing the tender offer.

The tender offer remains subject to additional conditions outlined in the Schedule TO filing with the Securities and Exchange Commission, including the requirement that shares representing more than 50% of Terns’ total outstanding shares be tendered.

The acquisition agreement and tender offer documents are available through the SEC’s website and the companies’ respective investor relations pages. Both companies have filed the required disclosure documents with federal regulators regarding the proposed transaction.

Information about the tender offer comes from Merck’s press release statement regarding the regulatory milestone.