Merck cuts Terns Pharmaceuticals offer to $53/share after updated trial data review.

Merck & Co. lowered its acquisition offer for Terns Pharmaceuticals to $53 per share, valuing the deal at about $6.7 billion, after reviewing updated clinical trial data for Terns' lead drug TERN-701. The revised data showed a lower MMR achievement rate, possibly due to more patients being pre-treated with a competing drug, asciminib. Another bidder withdrew after finding the data less favorable than expected. Despite the lower offer, Merck remains interested, viewing the data as still compelling relative to the competitor drug. This move reflects Merck's cautious approach amid evolving clinical results as it seeks to expand its oncology portfolio.