Pharma BD Deal Intelligence
Merck completed its acquisition of Cidara Therapeutics on January 7, 2026, for $221.50/share in cash (~$9.2B total). The all-cash deal, announced November 17, 2025, was executed as a tender offer (commenced December 5, 2025) that expired January 6, 2026 with ~85.96% of shares (~88.3% of voting power) validly tendered; the back-end merger was consummated the next day under DGCL Section 251(h) without a stockholder vote, making Cidara a wholly owned Merck subsidiary and delisting CDTX from Nasdaq. The deal gives Merck CD388, a Phase 3 long-acting, strain-agnostic antiviral drug-Fc conjugate for influenza prevention in high-risk individuals, with FDA Breakthrough Therapy (Oct 2025) and Fast Track designations. The pivotal ANCHOR Phase 3 study (6,000 participants, target enrollment reached Nov 2025) had a Q1 2026 interim analysis planned to assess powering; topline interim results were not publicly disclosed as of the review date.