Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu -Michelle Davis, Bloomberg News Senior Deals Reporter, discusses Merck agreeing to buy Terns Pharmacueticals for $6.7 billion, giving the company access to a promising new leukemia treatment. The acquisition is expected to close in the second quarter, with Merck paying $53 per share in cash for Terns, a 6% premium to its closing price on Tuesday. -Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses the latest at Walt Disney and Netflix. Walt Disney Co. Chief Executive Officer Josh D’Amaro has seen two billion-dollar technology bets falter, with one of them unraveling entirely, just days into his new job. Separately, Netflix Inc.&#x27;s push into livestreaming mega events in Asia is set to accelerate, buoyed by hits from the World Baseball Classic to BTS&#x27;s comeback show. -Diana Rosero Pena, Bloomberg Intelligence Consumer Staples Analyst, discusses Chewy earnings. Chewy forecast sales for the year that beat analyst estimates, suggesting the online pet retailer expects strong demand to more than make up for headwinds including inflation and tariff uncertainty. -Justin Pridon, VP, Consulting Services at Revenue Management Solutions, discusses restaurant trends from the BI Farm, Food &amp; Fuel Conference. He talks about what restaurant menus reveal about where food demand is headed, why protein is winning, and how demand might change with rising gas prices. See omnystudio.com/listener for privacy information.

Merck to Acquire Terns Pharmaceuticals in $6.7 Billion Deal 

Bloomberg Intelligence

# Full Transcript

**Podcast:** Bloomberg Intelligence

## Participants

- **Paul Sweeney** (Bloomberg)
- **Scarlet Fu** (Bloomberg)
- **Michelle Davis** (Bloomberg News)
- **Geetha Ranganathan** (Bloomberg Intelligence)
- **Diana Rosero Pena** (Bloomberg Intelligence)
- **Justin Pryden** (Revenue Management Solutions)

## Transcript

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Bloomberg Audio Studios. Billion. Billion.

Billion. Billion.

Billion. of billion dollar range. And so that means we'll probably see more from them. Also interesting to note that Merck's stock is up today on the news. And normally in M&A, the buyer's stock tends to go down on an announcement. But the fact that, you know, shares are up means investors are applauding this and they want Merck to keep doing stuff like this. So the deal's worth $6.7 billion. It's a

$53 a share in cash, which is a 6% premium to Tern's last close. There are some analysts out there who say that maybe Merck is not spending enough here. And this invites other companies to come in and make their own bid for Tern pharmaceuticals as well. You know, we will see if that happens. There were some bidding wars in pharma last year with the Medsera deal being, you know, one of the most notable ones. That said, the stock, Tern's stock has increased ...

Merck to Acquire Terns Pharmaceuticals in $6.7 Billion Deal

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
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Merck to Acquire Terns Pharmaceuticals in $6.7 Billion Deal

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.