--- 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" generated_at: "2026-05-14T23:32:47.498999+00:00" event_type: "m_and_a" sentiment: "neutral" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # Terns Pharmaceuticals acquired by Merck for $53/share; shares to be delisted ## Summary - 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. ## SEC filing metadata - 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 - event_type: m_and_a - sentiment: neutral - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 2.01, 3.01, 5.01, 5.03, 3.03, 5.02, 8.01, 9.01 - 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 ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-26-205305 - JSON: https://secwatch.observer/filing/0001193125-26-205305.json - Plain text: https://secwatch.observer/filing/0001193125-26-205305.txt ## 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_url: https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm - 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_url: https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm - 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_url: https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm - 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_url: https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm - 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_url: https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm - 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_url: https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm - 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_url: https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm - 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. 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_url: https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm - claim_id: e8671bcf08 claim: Jon Filderman 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_url: https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm - claim_id: f2128a2027 claim: Dalton Smart 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_url: https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm - claim_id: 73029cdf66a95f775b09f22f6163ec706c610350 claim: Terns Pharmaceuticals, Inc.: Amended and restated certificate of incorporation in its entirety upon merger (effective 2026-05-05). evidence_excerpt: Pursuant to the terms of the Merger Agreement, on May 5, 2026, Terns’ amended and restated certificate of incorporation and amended and restated bylaws were each amended and restated in their entirety and became the certificate of incorporation and bylaws of the Surviving Corporation. evidence_url: https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm - claim_id: cdb9e35a3d3da47f93c98275ef4825319e897d12 claim: Terns Pharmaceuticals, Inc.: Amended and restated bylaws in their entirety upon merger (effective 2026-05-05). evidence_excerpt: Pursuant to the terms of the Merger Agreement, on May 5, 2026, Terns’ amended and restated certificate of incorporation and amended and restated bylaws were each amended and restated in their entirety and became the certificate of incorporation and bylaws of the Surviving Corporation. evidence_url: https://www.sec.gov/Archives/edgar/data/1831363/000119312526205305/0001193125-26-205305-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.