Cidara Therapeutics (CDTX) Skyrockets 105% on Merck $9.2-Billion Acquisition Bid

We recently published Lackluster Market? Not for These 10 Soaring Stocks. Cidara Therapeutics, Inc. (NASDAQ:CDTX) is one of the best-performing stocks on Friday.

Cidara Therapeutics soared to nearly a decade high on Friday, as investors gobbled up shares following news that it is set to be acquired by pharmaceutical giant Merck for $9.2 billion.

At intra-day trading, Cidara Therapeutics, Inc. (NASDAQ:CDTX) soared to its highest price of $218.85, before trimming gains to finish the day just up by 105.41 percent at $217.71 apiece.

Cidara Therapeutics (CDTX) Skyrockets 105% on Merck $9.2-Billion Acquisition Bid

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In a statement, Cidara Therapeutics, Inc. (NASDAQ:CDTX) said that it entered into a definitive agreement with Merck, under which the latter would acquire its shares at a price of $221.50 apiece through its subsidiary.

The companies expect to close the transaction in the first quarter of 2026.

The acquisition followed Cidara Therapeutics, Inc. (NASDAQ:CDTX) receipt of a fast track designation from the Food and Drug Administration for its drug candidate, CD388, which aims to prevent influenza in individuals at higher risk of complications.

The CD388 is currently being evaluated in a Phase 3 study among adult and adolescent participants who are at higher risk of developing complications from influenza.

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Disclosure: None. This article is originally published at Insider Monkey.