Merck Starts Seven-Part High-Grade Bond Sale to Fund Terns Deal
Merck headquarters in Rahway, New Jersey.
Photographer: Christopher Occhicone/BloombergMerck & Co. has kicked off an investment-grade bond sale to help finance its $6.7 billion acquisition of Terns Pharmaceuticals Inc.
Merck is selling the bonds in as many as seven parts, according to a person with knowledge of the matter. The longest portion of the offering, a 30-year security, may yield 1.05 percentage points above Treasuries, said the person, who asked not to be identified as the details are private.