Ways to do RegEx matching for *|TAG_NAME|*

I have an edm template input/generated by a web frontend, and I have to replace all merge tags in the format *|TAG_NAME|* with its corresponding value.

I tried to use the below RegEx but it seems I got an error on the | characters.

^\*|[0-9A-Za-z]+|\*$

Below is a sample template (in json format):

"fields": [
  {
    "key": "member_id",
    "label": "Member ID",
    "value": "*|member_id|*"
  }

Any help is appreciated!

| is a special regex metacharacter (means OR), therefore you have to escape it with \

^\*\|[0-9A-Za-z]+\|\*$