Merck Completes Cash Acquisition of Cidara

Merck (MRK) announced the successful completion of the cash tender offer, through a subsidiary, for all the outstanding shares of common stock of Cidara Therapeutics (CDTX). Merck intends to complete the acquisition through a merger of Merck's wholly owned subsidiary with and into Cidara, with Cidara being the surviving corporation, in which all shares of common stock not tendered into the offer will be cancelled and converted into the right to receive cash equal to the $221.50 offer price per common share, without interest and subject to deduction for any required tax withholding. After the completion of the merger, Cidara will become a wholly owned subsidiary of Merck and the common stock of Cidara will no longer be listed or traded on the Nasdaq Global Market. The acquisition is expected to be accounted for as an asset acquisition, resulting in a charge that will increase 2026 research and development expenses by approximately $9B or approximately $3.65 per share, included in GAAP and non-GAAP results. Additionally, GAAP and non-GAAP EPS are expected to be negatively impacted by approximately 30c per share in the first 12 months, representing costs associated with advancing CD388 and costs of financing.