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Good morning. We’ve got more M&A news today, and a story of one Lilly exec’s unconventional career path.
Merck is buying Terns Pharma for $6.7 billion
The Merck deal values Terns at $53 per share, or a 6% premium to its closing price yesterday. Terns’ stock price increased six-fold over the past six months, based on the blockbuster potential of its leukemia drug, called TERN-701, and investor speculation that the company would be an attractive takeover target.
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