Although Merck and Terns Pharmaceuticals are part of biotech’s M&A surge, the $6.7 billion deal didn’t nearly play out the way either anticipated. Merck decided to significantly lower its offer for the biotech by about 13% after seeing updated clinical data that changed the outlook for Terns’ investigational oncology drug, called TERN-701, according to SEC filings on Tuesday. The documents show one of the rare instances in which a company drops its offer price during negotiations.
Read the full article: Merck Got a Peek at Terns’ Leukemia Data During Its Deal Talks – and Decided to Lower Its Bid by $1B //
Source: https://endpoints.news/terns-sold-to-merck-for-13-lower-than-pharmas-initial-offer-because-of-clinical-data/