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Although Merck and Terns Pharmaceuticals are part of biotech’s M&A surge, the $6.7 billion deal didn’t nearly play out the way either anticipated.
Merck decided to significantly lower its offer for the biotech by about 13% after seeing updated clinical data that changed the outlook for Terns’ investigational oncology drug, called TERN-701, according to SEC filings on Tuesday. The documents show one of the rare instances in which a company drops its offer price during negotiations.
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