Merck acquires Cidara Therapeutics (NASDAQ: CDTX) in cash deal at $221.50
Rhea-AI Filing Summary
Cidara Therapeutics, Inc. completed its sale to Merck, with all outstanding common and Series A preferred shares acquired under a merger agreement dated November 13, 2025. On January 7, 2026, each common share was exchanged for $221.50 in cash and each Series A preferred share for $15,505.00 in cash, both without interest and subject to withholding taxes.
COO & CLO Shane Ward reported the disposition of 25,083 common shares at $221.50 per share, leaving no directly held common stock. Multiple employee stock options covering various numbers of common shares and exercise prices were also fully vested and then cancelled at the merger’s effective time, with each option converted into a cash right equal to the number of underlying shares multiplied by the excess of $221.50 over the option exercise price.
Positive
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Insights
Form 4 shows insider equity cashed out in Merck’s Cidara buyout.
This filing details how Merck Sharp & Dohme LLC and its subsidiary completed the acquisition of Cidara Therapeutics, Inc., after a tender offer for all outstanding common and Series A preferred shares. Each common share was converted into a right to receive $221.50 in cash, and each Series A preferred share into $15,505.00, both subject to tax withholding.
For COO & CLO Shane Ward, the transaction automatically disposed of 25,083 common shares at $221.50 per share and cancelled several employee stock options. As described, each option became fully vested immediately prior to the merger’s effective time and was then cancelled in exchange for cash equal to the number of underlying shares multiplied by the excess of $221.50 over its exercise price. This reflects standard treatment of equity awards in a cash merger rather than discretionary trading activity.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Employee Stock Option (right to buy) | 12,500 | $0.00 | -- |
| Disposition | Employee Stock Option (right to buy) | 6,207 | $0.00 | -- |
| Disposition | Employee Stock Option (right to buy) | 12,499 | $0.00 | -- |
| Disposition | Employee Stock Option (right to buy) | 135,540 | $0.00 | -- |
| Disposition | Employee Stock Option (right to buy) | 50,000 | $0.00 | -- |
| Disposition | Common Stock | 25,083 | $221.50 | $5.56M |
Footnotes (1)
- Pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated November 13, 2025, by and among Cidara Therapeutics, Inc. (the "Issuer"), Merck Sharp & Dohme LLC ("Merck") and Caymus Purchaser, Inc., a wholly owned subsidiary of Merck ("Purchaser"), on January 7, 2026, Purchaser completed a tender offer to acquire (i) all outstanding shares of common stock of the Issuer, par value $0.0001 per share (each, a "Common Share") and (ii) all outstanding shares of Series A Convertible Voting Preferred Stock of the Issuer, par value $0.0001 per share (each, a "Series A Share"), and thereafter merged with and into the Issuer, with the Issuer continuing as the surviving corporation and a wholly owned subsidiary of Merck (the "Merger"). [continues to Footnote 2] [continues from Footnote 1] Pursuant to the terms of the Merger Agreement, Common Shares and Series A Shares were tendered and disposed of at the Offer Acceptance Time (as defined in the Merger Agreement) in exchange for the right to receive (i) $221.50 per Common Share (the "Common Share Merger Consideration"), in cash, without interest, subject to any applicable withholding of taxes, and (ii) $15,505.00 per Series A Share (the "Series A Merger Consideration"), in cash, without interest, subject to any applicable withholding of taxes. [continues to Footnote 3] [continues from Footnote 2] At the effective time of the Merger, each issued and outstanding Common Share and Series A Share (other than Common Shares (a) held by the Issuer (or in the Issuer's treasury), Merck, Purchaser, any other direct or indirect wholly owned subsidiary of Merck or the Issuer, or by stockholders of the Issuer who have properly exercised and perfected their statutory rights of appraisal, or (b) irrevocably accepted for purchase in the tender offer) was automatically canceled and converted into the right to receive the Common Share Merger Consideration and the Series A Merger Consideration, respectively, without interest and subject to any applicable withholding of taxes. Includes 50 shares acquired pursuant to the Issuer's Employee Stock Purchase Plan (ESPP) on December 18, 2025. The exercise price and the number of securities reported herein have been adjusted to reflect the 1-for-20 reverse stock split effected by the Issuer on April 24, 2024. As of immediately prior to and contingent upon the occurrence of the effective time of the Merger, pursuant to the Merger Agreement, each outstanding option became fully vested and exercisable, and to the extent outstanding and unexercised as of immediately before the effective time of the Merger, was cancelled at the effective time of the Merger and converted into the right to receive cash, without interest, subject to any applicable withholding of taxes, in an amount equal to the product of (i) the total number of Common Shares subject to such option immediately prior to the effective time of the Merger multiplied by (ii) the excess of (x) $221.50 per Common Share over (y) the exercise price payable per Common Share under such option.
