Merck to buy Cidara Therapeutics in $9.2bn deal, shares rocket

(Sharecast News) - Shares in Cidara Therapeutics rocketed on Friday after the biotechnology firm agreed to be taken over by Merck in $9.2bn deal. Under the terms of the transaction, Merck will pay $221.50 per share in cash.

Cidara's lead candidate, CD388 - a novel long-acting antiviral conjugate - is currently being evaluated in the Phase 3 ANCHOR study among adult and adolescent participants who are at higher risk of developing complications from influenza.

Merck chairman and chief executive Robert M. Davis said: "We continue to execute our science-led business development strategy, augmenting our pipeline with CD388, a potentially first-in-class, long-acting antiviral designed to prevent influenza in individuals at higher risk of complications.

"We intend to build on the Cidara team's remarkable progress and are confident that CD388 has the potential to be another important driver of growth through the next decade, creating real value for shareholders."

At 1530 GMT, Cidara shares were up 105% at $217.59.