Pharma giant Merck is buying U.S. biotech firm Terns Pharmaceuticals for $6.7 billion, the company said Wednesday.
This is the third multibillion-dollar acquisition for Merck over the past year as the company looks to bulk up its portfolio ahead of its best-selling cancer drug Keytruda losing patent protection in 2028.
Terns shares rose 5.3% while Merck stock was largely flat in premarket trading.
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