William Blair downgraded Terns Pharmaceuticals (TERN) to Market Perform from Outperform. Following Terns’ filing of its Schedule 14D-9 solicitation/recommendation statement detailing the board’s sale process, evaluation of competing proposals, and the proposed tender offer by Merck (MRK), the firm now believes that the Merck acquisition will be completed later this quarter and that the emergence of a higher bidder is “unlikely,” the analyst tells investors.
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