Merck (MRK) is acquiring Terns Pharmaceuticals (TERN) for $6.7B ($53/share) to get TERN-701, an oral allosteric BCR::ABL1 inhibitor for chronic myeloid leukemia (CML). This is Merck's third multibillion-dollar acquisition in a year as it aggressively races to backfill the Keytruda patent cliff.

Maze Therapeutics (MAZE) reported the first-ever clinical proof-of-concept in broad APOL1-mediated kidney disease. MZE829 cut proteinuria by 35.6% at 12 weeks, with a massive 61.8% reduction in the FSGS subgroup. The stock rose 9%.

Rocket Pharma (RCKT) faces its Kresladi PDUFA for LAD-I gene therapy on Friday. Approval would include a highly lucrative Priority Review Voucher.

Rocket Pharma PDUFA (Friday, March 28): Kresladi PDUFA for LAD-I gene therapy. This is the week's main regulatory event. Approval would come with a Priority Review Voucher, which is absolutely critical to extending Rocket's cash runway.

ACC.26 (March 28-30): American College of Cardiology meeting in New Orleans. Watch for cardiovascular outcomes data and cardio-metabolic crossover presentations, particularly anything touching GLP-1 cardiovascular effects.

Orforglipron (April 10): Lilly's oral GLP-1 target action date is exactly two weeks away.

Maze Pivotal Path: Management plans to meet with regulators to align on a pivotal program for MZE829. The timeline for that meeting and the ultimate Phase 3 trial design will be the next major catalysts.

What Happened: Merck (MRK) announced a definitive agreement to acquire Terns Pharmaceuticals (TERN) for $53 per share in cash, an equity value of approximately $6.7B ($5.7B net of acquired cash). The deal is expected to close in Q2 2026 and will result in an approximately $5.8B charge (~$2.35/share) to Merck's results.

The Asset: TERN-701 is an investigational oral allosteric BCR::ABL1 tyrosine kinase inhibitor (TKI) being evaluated in the Phase 1/2 CARDINAL trial for patients with chronic phase CML who have failed or are intolerant to at least one prior TKI. Unlike older CML therapies that target the ATP-binding site, TERN-701 works through the ABL myristoyl pocket, a distinct mechanism designed to overcome resistance mutations.

The Valuation Math: The $53 offer represents a modest 6% premium to Tuesday's close, but a massive 42% premium to the 90-day volume-weighted average price. Terns' stock had already surged six-fold in the preceding six months on clinical data and intense M&A speculation, compressing the headline premium.

Executive Impact: This is Merck's third multibillion-dollar acquisition in roughly a year, all driven by the same strategic imperative: Keytruda ($25B+ franchise) loses key patent protection in 2028. The competitive target here is Novartis's Scemblix (asciminib), which also utilizes allosteric inhibition and has generated strong early commercial traction. Merck is betting TERN-701 has a best-in-class profile that can capture share in a CML market still underserved by older TKIs.

What Happened: Maze Therapeutics (MAZE) reported positive topline data from the Phase 2 HORIZON trial of MZE829, an oral, dual-mechanism APOL1 inhibitor, in patients with broad APOL1-mediated kidney disease (AMKD). This represents the first-ever clinical proof-of-concept in this genetically defined patient population.

The Numbers:

Executive Impact: APOL1 risk variants are carried by approximately 13% of Black Americans and are a major genetic driver of kidney disease. AMKD is estimated to affect over one million people in the U.S. alone. Until now, there has been zero approved therapy targeting the underlying genetic mechanism. The 61.8% reduction in the FSGS subgroup is particularly striking because FSGS is one of the most notoriously difficult forms of kidney disease to treat and a leading cause of kidney failure in young adults. Maze plans to advance into a pivotal program with $360M in cash extending its runway into 2028.

What Happened: Tempus AI announced a strategic collaboration with Daiichi Sankyo to accelerate the clinical development of an antibody-drug conjugate (ADC) program in oncology. Daiichi Sankyo will leverage Tempus' foundation models and AI expertise, including its PRISM2 multimodal platform.

Executive Impact: Daiichi Sankyo is the undisputed global leader in ADC development (the Enhertu franchise). Bringing Tempus' AI platform directly into the clinical development workflow signals the practical integration of AI into late-stage drug development, moving far beyond mere target discovery.

The Setup: Rocket Pharmaceuticals (RCKT) faces a March 28 PDUFA for Kresladi, a lentiviral gene therapy for leukocyte adhesion deficiency type I (LAD-I), a rare and severe immune disorder. The FDA previously rejected the therapy in 2024.

What's at Stake: LAD-I patients suffer from recurrent, life-threatening bacterial and fungal infections. Clinical data has shown the potential to keep patients alive, out of the hospital, and dramatically reduce infection rates. An approval would grant Rocket a Priority Review Voucher, which is absolutely critical to extending Rocket's cash runway beyond Q2 2027.