Merck buyout cashes out Cidara (NASDAQ: CDTX) director stock and options
Rhea-AI Filing Summary
Cidara Therapeutics director Chrysa Mineo reported the cash-out of her equity in connection with Merck’s acquisition of the company. On January 7, 2026, a Merck subsidiary completed a tender offer and merger that turned Cidara into a wholly owned Merck subsidiary. Each common share and Series A preferred share was converted into the right to receive cash.
Mineo disposed of 3,320 common shares at $221.50 per share, leaving her with no directly held common stock. Multiple stock options to buy Cidara common shares, with exercise prices adjusted for a prior 1‑for‑20 reverse split, were also fully vested and then canceled at the merger’s effective time. Each option was converted into a cash right equal to the number of shares underlying the option multiplied by the excess of $221.50 over the option’s exercise price.
Positive
- None.
Negative
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Insights
Director’s stock and options were fully cashed out in Merck’s takeover.
The disclosure shows that Merck Sharp & Dohme LLC, through a subsidiary, completed a tender offer and merger to acquire all outstanding common and Series A preferred shares of Cidara Therapeutics. Each common share was exchanged for $221.50 in cash, and each Series A preferred share for $15,505.00, turning Cidara into a wholly owned Merck subsidiary.
For director Chrysa Mineo, this transaction meant disposing of 3,320 common shares at $221.50 and canceling all listed stock options. As described, immediately before the merger’s effective time on January 7, 2026, each outstanding option became fully vested, then was canceled and converted into a cash right based on the spread between $221.50 and the option’s exercise price. This is a typical cash-out structure for employee and director equity in an all-cash acquisition.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Stock Option (right to buy) | 1,000 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 550 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 550 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 875 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 875 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 1,400 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 2,125 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 2,125 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 19,000 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 11,100 | $0.00 | -- |
| Disposition | Common Stock | 3,320 | $221.50 | $735K |
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. 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.
FAQ
What insider transaction did Cidara Therapeutics (CDTX) report for Chrysa Mineo?
The filing shows that director Chrysa Mineo disposed of 3,320 shares of Cidara common stock at a price of $221.50 per share, leaving her with no directly held common shares after the transaction.
How was Cidara Therapeutics (CDTX) acquired by Merck according to this Form 4?
The document explains that a subsidiary of Merck Sharp & Dohme LLC completed a tender offer on January 7, 2026 to acquire all outstanding common and Series A preferred shares of Cidara, followed by a merger that made Cidara a wholly owned Merck subsidiary.
What happened to Cidara (CDTX) stock options held by the reporting director?
Immediately prior to and contingent on the merger’s effective time, each of the director’s outstanding stock options became fully vested and exercisable. At the effective time, any unexercised options were canceled and converted into a cash right equal to the number of underlying shares multiplied by the excess of $221.50 over the option’s exercise price.
Why are the exercise prices in the Cidara (CDTX) Form 4 unusually high numbers?
A footnote states that the exercise price and number of securities reported for the options were adjusted to reflect a 1-for-20 reverse stock split that Cidara effected on April 24, 2024, which increases the per-share exercise prices shown.
Did the Cidara (CDTX) director retain any equity after the Merck acquisition?
No. The Form 4 reports that after the tender of 3,320 common shares and the cash-out and cancellation of all listed stock options, the director’s beneficially owned common stock and reported options were reduced to zero.