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Merck will acquire Cidara Therapeutics in a nearly $9.2 billion deal, gaining access to an experimental flu drug in its effort to diversify ahead of patent loss for its blockbuster cancer drug Keytruda.

The drugmaker will pay $221.50 per share in cash for Cidara, the companies said on Friday, a premium of 108.9% from its last closing price.

Shares of Cidara, which has a market capitalization of $3.3 billion as of Thursday, doubled in value to $217.89, while Merck slipped 1.3%.

Merck, which is set to lose patents for Keytruda later this decade, has nearly tripled its late-stage pipeline since 2021 through in-house development and big deals such as the $11.5 billion purchase of Acceleron for p

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