Why cidara Is Trending Today?

Cidara Therapeutics, a biotechnology company, experienced a significant surge in its stock price, rising by 105%, following Merck's acquisition bid valued at $9.2 billion. The pharmaceutical giant, Merck, has agreed to purchase Cidara Therapeutics in a deal worth $9.2 billion, with the acquisition coming as the biotech company's key patent is set to expire. This buyout, one of the largest in the pharmaceutical industry this year, was reported by Investor's Business Daily as a strategic move by Merck to bolster its portfolio.

Merck has agreed to acquire Cidara Therapeutics in a $9.2 billion deal, aiming to bolster its portfolio of flu prevention treatments. The acquisition, which is expected to close in the second half of 2023, comes as Merck faces potential sales drops in its key cancer drug, Keytruda. Cidara's lead product, CD101, is a novel antiviral agent designed to prevent influenza, which could significantly benefit Merck's respiratory franchise. The deal, valued at $37 per share, represents a 105% premium to Cidara's closing price on February 24, 2023.