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TERN
Terns Pharmaceuticals

1 report on Terns Pharmaceuticals (TERN) by Two Natural Capital, summarized: the thesis, evidence and key numbers. Latest: Apr 8, 2026.

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TERN Terns Pharmaceuticals

Merck’s $5.7B Terns Bet Rests on 38 Patients: Does TERN-701 Justify the Price Over Asciminib?

Two Natural Capital argues Merck's bid isn't obviously cheap -- the merger process showed two bidders wouldn't top Terns' market price and a third walked away after seeing updated trial data showing lower MMR rates th...

Two Natural Capital
Apr 8, 2026