Merck Eyes $6 Billion in Seven-Part Bond Sale for Terns Deal (1)

Merck & Co. is seeking to raise about $6 billion from an investment-grade bond sale to help finance its acquisition of Terns Pharmaceuticals Inc., according to people familiar with the matter.

Merck is selling the notes in as many as seven parts, according to a separate person with knowledge of the matter. The longest portion of the offering, a 30-year security, may yield about 1.05 percentage points above Treasuries, said the person, who asked not to be identified as the details are private.

The size of the bond hasn’t been finalized and plans may change, according to people. Merck ...