US equity markets advanced amid hopes of a ceasefire in the US-Iran war - Dow +305-points or +0.66%. Sherwin-Williams Co (+2.63%) and Merck & Co Inc (+2.58%) climbing over >2.5%. The latter announced that it will acquire US biotech firm Terns Pharmaceuticals for US$53 per share in cash, valuing the company at ~US$6.7B. Terns is developing TERN-701, an oral therapy for chronic myeloid leukemia. It marks Merck’s third multibillion-dollar acquisition in the past year as the company looks to strengthen its portfolio ahead of its top-selling cancer drug Keytruda losing patent protection in 2028.