{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-205305","form_type":"8-K","ticker":"TERN","cik":"0001831363","company_name":"Terns Pharmaceuticals, Inc.","filed_at":"2026-05-05T23:59:59+00:00","discovered_at":"2026-05-14T18:02:33.052601+00:00","generated_at":"2026-05-14T23:32:47.498999+00:00","sec_items":["2.01","3.01","5.01","5.03","3.03","5.02","8.01","9.01"],"event_type":"m_and_a","sentiment":"neutral","materiality_score":1.0,"calibrated_materiality_score":1.0,"confidence":"high","headline":"Terns Pharmaceuticals acquired by Merck for $53/share; shares to be delisted","bullets":["Offer expired May 4, 2026 with 100,091,794 shares (86.36%) validly tendered; minimum condition met.","On May 5, Purchaser accepted tendered shares and promptly merged Terns into a wholly owned Merck subsidiary.","Each share converted into $53 cash; outstanding in-the-money options and RSUs cashed out per agreement.","All incumbent directors and officers ceased; replaced by Merck designees. Charter and bylaws amended.","Nasdaq delisting effective May 5; Form 15 to be filed to terminate SEC registration and reporting."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-205305","json":"https://secwatch.observer/filing/0001193125-26-205305.json","markdown":"https://secwatch.observer/filing/0001193125-26-205305.md","text":"https://secwatch.observer/filing/0001193125-26-205305.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/d70112d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-14T23:32:47.498999+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"05f17fbcbf","claim":"Radhika Tripuraneni departed as Director at Terns Pharmaceuticals, Inc..","evidence_excerpt":"each of Robert Azelby, Amy Burroughs, David Fellows, Jeffrey B. Kindler, J.D., Jill M. Quigley, J.D., Radhika Tripuraneni, M.D. and Heather Turner, J.D. ceased to be a member of the Board of Directors of Terns","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm","confidence":1.0},{"claim_id":"0ae4c02ae4","claim":"Jill M. Quigley departed as Director at Terns Pharmaceuticals, Inc..","evidence_excerpt":"each of Robert Azelby, Amy Burroughs, David Fellows, Jeffrey B. Kindler, J.D., Jill M. Quigley, J.D., Radhika Tripuraneni, M.D. and Heather Turner, J.D. ceased to be a member of the Board of Directors of Terns","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm","confidence":1.0},{"claim_id":"236d7bece3","claim":"Jeffrey B. Kindler departed as Director at Terns Pharmaceuticals, Inc..","evidence_excerpt":"each of Robert Azelby, Amy Burroughs, David Fellows, Jeffrey B. Kindler, J.D., Jill M. Quigley, J.D., Radhika Tripuraneni, M.D. and Heather Turner, J.D. ceased to be a member of the Board of Directors of Terns","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm","confidence":1.0},{"claim_id":"242ac625e3","claim":"Melissa Leonard was appointed as Director at Terns Pharmaceuticals, Inc..","evidence_excerpt":"the directors of Purchaser as of immediately prior to the Effective Time, which consisted of Jon Filderman, Melissa Leonard and Dalton Smart, became the directors of the Surviving Corporation.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm","confidence":1.0},{"claim_id":"3ac1ab2b28","claim":"Amy Burroughs departed as Director at Terns Pharmaceuticals, Inc..","evidence_excerpt":"each of Robert Azelby, Amy Burroughs, David Fellows, Jeffrey B. Kindler, J.D., Jill M. Quigley, J.D., Radhika Tripuraneni, M.D. and Heather Turner, J.D. ceased to be a member of the Board of Directors of Terns","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm","confidence":1.0},{"claim_id":"5ade7f36f2","claim":"Heather Turner departed as Director at Terns Pharmaceuticals, Inc..","evidence_excerpt":"each of Robert Azelby, Amy Burroughs, David Fellows, Jeffrey B. Kindler, J.D., Jill M. Quigley, J.D., Radhika Tripuraneni, M.D. and Heather Turner, J.D. ceased to be a member of the Board of Directors of Terns","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm","confidence":1.0},{"claim_id":"73fb7c4495","claim":"David Fellows departed as Director at Terns Pharmaceuticals, Inc..","evidence_excerpt":"each of Robert Azelby, Amy Burroughs, David Fellows, Jeffrey B. Kindler, J.D., Jill M. Quigley, J.D., Radhika Tripuraneni, M.D. and Heather Turner, J.D. ceased to be a member of the Board of Directors of Terns","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm","confidence":1.0},{"claim_id":"807eb1c588","claim":"Robert Azelby departed as Director at Terns Pharmaceuticals, Inc..","evidence_excerpt":"each of Robert Azelby, Amy Burroughs, David Fellows, Jeffrey B. Kindler, J.D., Jill M. 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