Cidara Therapeutics (CDTX) Skyrockets 105% on Merck $9.2-Billion Acquisition Bid

Cidara Therapeutics soared to astir a decennary precocious connected Friday, arsenic investors gobbled up shares pursuing quality that it is acceptable to beryllium acquired by pharmaceutical elephantine Merck for $9.2 billion.

At intra-day trading, Cidara Therapeutics, Inc. (NASDAQ:CDTX) soared to its highest terms of $218.85, earlier trimming gains to decorativeness the time conscionable up by 105.41 percent astatine $217.71 apiece.

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In a statement, Cidara Therapeutics, Inc. (NASDAQ:CDTX) said that it entered into a definitive statement with Merck, nether which the second would get its shares astatine a terms of $221.50 apiece done its subsidiary.

The companies expect to adjacent the transaction successful the archetypal 4th of 2026.

The acquisition followed Cidara Therapeutics, Inc. (NASDAQ:CDTX) receipt of a accelerated way designation from the Food and Drug Administration for its cause candidate, CD388, which aims to forestall influenza successful individuals astatine higher hazard of complications.

The CD388 is presently being evaluated successful a Phase 3 survey among big and teen participants who are astatine higher hazard of processing complications from influenza.

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Disclosure: None. This nonfiction is primitively published at Insider Monkey.