MRK · 10-Q · 2026Q3 · Full report

Acquisitions and Divestitures

Merck & Co., Inc. · 2026-11-04 · Importance 71 · Surprise 60 · In source text

Merck acquired Cidara in January 2026 for $9.2 billion and Terns in May 2026 for $6.8 billion, including payments to settle share-based awards of $570 million and $606 million, respectively. The acquisitions added Cidara’s MK-1406 influenza-prevention candidate, then in Phase 3, and Terns’ MK-4208 oncology candidate, then in a Phase 1/2 trial. Merck acquired TARGAN in July 2026 for $647 million to add poultry biodevice products, including WingScan and precision ocular-spray technology, to Merck Animal Health. In September 2026, Merck licensed worldwide rights to SciBrunch’s preclinical KRAS G12D inhibitor MK-2690 and recorded a $400 million upfront-payment charge, payable in the fourth quarter of 2026; SciBrunch is also eligible for contingent milestone payments.

Key facts

• In May 2026, Merck acquired Terns Pharmaceuticals for $6.8 billion, including $606 million to settle share-based equity awards, of which $433 million related to unvested awards. source
• In January 2026, Merck acquired Cidara Therapeutics for $9.2 billion, including $570 million to settle share-based equity awards, of which $406 million related to unvested awards. source
• In July 2026, Merck acquired TARGAN for $647 million; the acquisition adds WingScan and precision ocular spray technology for poultry vaccines to Merck Animal Health's portfolio. source
• In September 2026, Merck closed an exclusive worldwide license agreement with SciBrunch Therapeutics for MK-2690 (SPR2015), granting Merck rights to develop, manufacture and commercialize the investigational preclinical KRAS G12D inhibitor. source
• Merck acquired privately held TARGAN in July 2026; TARGAN develops and commercializes biodevice solutions to improve performance outcomes for the poultry industry. source
• SciBrunch is eligible for future contingent development-related, regulatory and, if MK-2690 is approved, sales-based milestone payments. source
• Under a license agreement assumed by Merck, J&J Innovative Medicine is eligible for regulatory and sales-based milestones related to MK-1406. source
• The Terns acquisition included net assets of $1.1 billion, including $505 million cash, $487 million investments, $190 million deferred tax assets and $105 million other net liabilities. source

Impact estimates