Merck Completes Cash Tender Offer To Acquire Cidara Therapeutics In $221.50-Per-Share Deal

Merck, known as MSD outside the United States and Canada, has announced the successful completion of its cash tender offer to acquire Cidara Therapeutics, Inc. through a subsidiary of Merck.

Under the terms of the offer, Merck acquired Cidara shares for $221.50 per share in cash, without interest and subject to applicable tax withholding. As of the offer’s expiration at 11:59 p.m. Eastern Time on January 6, 2026, approximately 27.15 million shares were validly tendered and not withdrawn, representing about 85.96% of Cidara’s outstanding common stock. Merck has accepted all tendered shares and expects to promptly complete payment.

Merck plans to finalize the transaction through a merger of its wholly owned subsidiary with and into Cidara, with Cidara continuing as the surviving entity. Upon completion of the merger, all remaining shares not tendered will be cancelled and converted into the right to receive the same $221.50 per share cash consideration, without interest and subject to required tax withholding.

“The acquisition of Cidara strengthens and complements our expanding respiratory portfolio and exemplifies our business development strategy of investing where compelling science and value meet,” said Robert M. Davis, chairman and chief executive officer, Merck. “CD388, a potentially first-in-class, long-acting antiviral with strain-agnostic properties, underscores that approach. We look forward to building on Cidara’s progress and further evaluating the potential of this candidate for the prevention of symptomatic influenza in certain individuals at high risk of complications.”

Following the merger, Cidara will become a wholly owned subsidiary of Merck, and its common stock will no longer be listed or traded on the Nasdaq Global Market.

Merck expects to account for the transaction as an asset acquisition, resulting in an estimated $9.0 billion increase in 2026 research and development expenses, equivalent to approximately $3.65 per share, which will be reflected in both GAAP and non-GAAP results. In addition, GAAP and non-GAAP earnings per share are expected to decline by approximately $0.30 per share over the first 12 months, primarily due to costs related to advancing CD388 and acquisition financing.