Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company headquartered in Foster City, California. Founded in 2016, it focuses on developing small-molecule therapeutics for oncology and metabolic diseases, including obesity and metabolic dysfunction-associated steatohepatitis (MASH).
Its lead candidate, TERN-701, is an investigational oral allosteric BCR-ABL tyrosine kinase inhibitor in Phase 1/2 trials (CARDINAL study, NCT06163430) for chronic myeloid leukemia (CML) in patients with prior TKI failure or intolerance. It has FDA orphan drug designation and shown promising early efficacy with favorable safety in heavily pretreated patients.
Other programs include TERN-501 (THR-β agonist, Phase 2-ready for MASH), TERN-601 (oral GLP-1 agonist for obesity), and TERN-801 (GIPR modulator for obesity), available for partnering.
In March 2026, Merck announced its acquisition of Terns for $53 per share, valuing the equity at approximately $6.7 billion, to expand its hematology pipeline. The deal, structured as a subsidiary tender offer, is expected to close in Q2 2026, subject to customary conditions.
