According to the latest disclosure documents from the SEC, the collaboration agreement between biopharmaceutical company Terns Pharmaceuticals and Merck includes a special clause: if the transaction is forced to terminate under certain circumstances, Terns Pharmaceuticals will be required to pay Merck a termination fee of up to 235 million dollars.

According to the latest disclosure documents from the SEC, the collaboration agreement between biopharmaceutical company Terns Pharmaceuticals and Merck includes a special clause: if the transaction is forced to terminate under certain circumstances, Terns Pharmaceuticals will be required to pay Merck a termination fee of up to 235 million dollars.

老虎证券2026/03/25 11:54

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This clause highlights the serious commitment of both parties to the cooperative relationship and also reflects the risk hedging mechanism commonly found in large-scale transactions in the biopharmaceutical sector. The setting of a huge termination fee not only safeguards Merck’s interests in the event of possible cooperation interruptions, but also demonstrates Terns Pharmaceuticals’ firm confidence in the prospects of the project.

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