William Blair tells investors in a research note that Merck’s (MRK) offer for Terns Pharmaceuticals (TERN) is viewed as undervaluing TERN-701 given its unprecedented chronic myeloid leukemia data showing clear efficacy, safety, and dosing advantages, positioning it to challenge Novartis’s (NVS) blockbuster Scemblix franchise. William Blair, which reiterates an Outperform rating on Terns shares, says TERN-701’s commercial opportunity appears substantial and that Merck’s offer leaves room for another potential bidder.
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Read More on TERN:
- Merck’s offer for Terns leaves room for another bidder, says William Blair
- RBC says Merck deal for Terns ‘savvy,’ but competing bidders could emerge
- Terns Pharmaceuticals downgraded to Neutral from Buy at H.C. Wainwright
- Clear Street says Merck’s bet on TERN-701 sharpens investment case for ELVN-001
- Merck says to finance Terns transaction primarily through new debt