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Merck decided to lower its offer price after seeing updated clinical data for Terns' lead drug TERN-701.
Merck lowered its offer for Terns to $53 per share after reviewing updated TERN-701 data.
KEY POINTS
- The updated CARDINAL trial data showed a lower MMR achievement rate for TERN-701.
- A competing bidder withdrew after deciding TERN-701 was not sufficiently differentiated or de-risked.
- Despite the lower MMR rate, Merck still considered TERN-701 compelling compared to asciminib.
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