Cidara Therapeutics Shares Soar 105% After Merck Agrees To $9.2B Takeover Deal

(RTTNews) - Cidara Therapeutics, Inc. (CDTX) climbed 105.68% to $217.99, up $112.00, after it announced that Merck & Co. will acquire all outstanding shares for $221.50 per share in cash, valuing the transaction at about $9.2 billion.

According to Merck, the deal fits its strategy to bolster its pipeline with late-stage assets and diversify beyond its flagship drug, where patent challenges lie ahead.

On the day of the announcement, CDTX experienced unusually heavy trading volume as the market reacted to the acquisition. The stock's 52-week range is $3.10 - $221.99.