H.C. Wainwright downgraded Terns Pharmaceuticals (TERN) to Neutral from Buy with a $53 price target after Merck (MRK) announced a definitive agreement to acquire Terns for $53 per share in cash. Strategically, the acquisition centers on Terns’ Phase 1/2 asset in chronic myeloid leukemia, aligning with Merck’s long-term ambition to strengthen its oncology leadership and accelerate development of targeted therapies across tumor settings, the analyst tells investors.
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