Terns Pharma climbs on Merck's $6.7 bln takeover deal

Shares of biotech firm Terns Pharma TERN.O up 5% at $52.54 premarket

Merck MRK.N says it will buy Terns in a deal valued at about $6.7 billion

Merck will pay $53 per share in cash, a premium of 6% to TERN stock's last close

MRK shares edge 0.3% higher in light volumes

*The deal is expected to close in the second quarter of 2026

As of last close, TERN stock up 23.7% YTD, following a more than sevenfold rise in 2025