M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Merck & Co., Inc. to acquire Cidara Therapeutics, Inc.
Announced Nov 14, 2025 · Closed Jan 7, 2026
Deal value$9.20BEV $6.67B
Premium109.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$221.50 per share
Transaction
- Acquirer
- Merck & Co., Inc. (MRK)
- Target
- Cidara Therapeutics, Inc. (CDTX)
- Buyer type
- Strategic
- Offer price per share
- $221.50
- Enterprise value
- $6.67B
- Status
- Closed Jan 7, 2026
Deal protections
- Break fee (target pays)
- $301M · 3.3%
- Reverse fee (buyer pays)
- $462M · 5.0%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- BofA Securities
- To the target
- Evercore, Goldman Sachs
Sector context · Healthcare
- Comparable deals
- 99 in the prior 24 months
- Premium
- 109.0% vs. 59.5% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 3.3% vs. 3.4% sector median
Timeline
- AnnouncedNov 14, 2025
- Tender offerDec 5, 2025
- ClosedJan 7, 2026
Valuation · fairness opinions
Analyst price targets$100.85$120.67
52-week trading range$153.69$183.36
52-week trading range$144.03$177.71
Offer $221.50
Implied value per Cidara Therapeutics, Inc. share by analysis, from Goldman Sachs · DCF discount rate 13%–15%.