• Bristol-Myers Squibb Co (NYSE: BMY) is planning to tender its shares in Acceleron Pharma Inc (NASDAQ: XLRN) after Merck & Co Inc (NYSE: MRK) agreed to buy the biotechnology company for $11.5 billion, Bloomberg reported citing people with knowledge of the matter.

• Bristol-Myers holds an 11.5% stake in Acceleron. Selling the stake will bring the Merck deal closer to completion.

• Another Acceleron investor, Avoro Capital, which holds about 7% of Acceleron’s stock, said Merck’s deal “drastically undervalues” Acceleron.

• Related: Activist Investor Thinks Merck Undervalues Acceleron Buy.

• Hedge fund Darwin Global, which owns 3.8% of Acceleron’s stock, urged shareholders not to tender their shares.

• Darwin Global Management also said Acceleron execs have settled for a price that was far too low.

• By Darwin’s math released Wednesday, the deal undervalues Acceleron by as much as $17 billion, given the blockbuster prospects of both Reblozyl and sotatercept.

• Another shareholder, Holocene Advisors, said last week that it didn’t plan to tender its shares.

• Price Action: XLRN shares are up 0.67% at $173.66, BMY shares are down 0.89% at $57.56 during the market session on the last check Thursday.

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