Merck’s Terns deal just cleared a big hurdle

Another box checked

Merck just got the kind of update M&A teams love: the Hart-Scott-Rodino waiting period expired for its pending acquisition of Terns Pharmaceuticals. In plain English, Washington didn’t slap on the brakes, which means the deal can keep moving toward the finish line.

Why investors should care

This isn’t the sexy part of a takeover — no new drug data, no flashy revenue surprise, no dramatic boardroom fireworks. But in deal land, regulatory clearance is like getting the green light before the race actually starts. If you own MRK, you care because every extra hurdle cleared makes the Terns deal look less like a maybe and more like a mission.

The fine print that matters

• Merck launched the cash tender offer on April 7, 2026.
• The HSR waiting period expired at 11:59 p.m. ET on April 23, 2026.
• Terns trades as TERN, and Merck is still the buyer here.

That means the transaction is still pending, but the antitrust clock isn’t the thing standing in the way anymore. For a company like Merck that’s been on an acquisition tear, this is another reminder that the pipeline is being built not just in labs, but in the checkout aisle too.

Big picture: the deal isn’t done, but it’s one less thing for investors to worry about — and one more sign Merck is serious about stocking up on future growth.