Overview
- Cidara is reported to have accepted Merck’s all-cash offer of $221.50 per share, with potential milestone payments lifting the value to as much as $9.2 billion.
- An announcement could come as soon as Friday, according to multiple reports, as both companies declined to comment publicly.
- Cidara shares jumped nearly 100% in premarket trading to about $208 after the reports, a sharp repricing from a roughly $3.3 billion market value.
- The deal is driven by CD388, a long-acting antibody in phase 3 that aims to provide season-long protection against influenza A and B for high-risk patients.
- Mid-stage data showed up to 76% protection with CD388, and Merck’s bid followed competition from at least one other pharmaceutical suitor.