MRK · 10-Q · 2026Q2 · Full report

Acquisitions and Divestitures

Merck & Co., Inc. · 2026-08-07 · Importance 71 · Surprise 60

Merck recorded significant business-development charges of $5.7 billion for the Terns acquisition and $9.0 billion for the Cidara acquisition during the first six months of 2026. The Terns transaction involved approximately $6.8 billion of cash consideration, while the Cidara and Terns transactions materially increased R&D-related costs. Merck also had a $200 million R&D expense reduction in the first quarter and first six months of 2026 under a funding agreement with Blackstone Life Sciences. The company continues collaboration and licensing activities with partners including Daiichi Sankyo, Pfizer, Astellas, Eisai, Gilead Sciences, and the National Cancer Institute.