CDTX Hits 52-Week High Amid Merck Acquisition Buzz
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 02 2024
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Source: Benzinga
Shares of Cidara Therapeutics Inc. (CDTX.O) soared to a 52-week high of $150.75, reflecting a remarkable 42.23% increase in after-hours trading. The surge follows news that Merck & Co. is nearing a deal to acquire the company, which specializes in long-acting antibody treatments for influenza. Investors are optimistic as the acquisition is expected to value Cidara at a premium above its current $3.3 billion market cap, with Merck competing against another pharmaceutical firm for the purchase. This acquisition could significantly enhance Merck's portfolio, particularly in flu protection, as Cidara's innovative therapies gain traction in the market.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
