Cidara Therapeutics (CDTX) director equity canceled in Merck cash merger deal
Rhea-AI Filing Summary
Cidara Therapeutics director Bonnie L. Bassler reported the cash-out of her remaining equity as Cidara was acquired by Merck. On January 7, 2026, a Merck subsidiary completed a tender offer and merger in which each Cidara common share was converted into the right to receive $221.50 in cash and each Series A preferred share into $15,505.00 in cash, both without interest and subject to withholding taxes. Bassler disposed of 15 common shares at $221.50 per share and all reported stock options were canceled at the merger’s effective time in exchange for cash based on the spread between $221.50 and each option’s exercise price. All amounts reflect a 1-for-20 reverse stock split completed on April 24, 2024.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Stock Option (right to buy) | 1,750 | $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) | 16,000 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 11,100 | $0.00 | -- |
| Disposition | Common Stock | 15 | $221.50 | $3K |
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 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. 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 Bonnie L. Bassler?
The filing shows director Bonnie L. Bassler disposed of 15 shares of Cidara common stock at $221.50 per share and that all of her reported stock options were canceled in connection with the company’s merger with Merck in exchange for cash.
What happened to Cidara stock options held by the reporting person in this Form 4?
Immediately prior to the merger’s effective time, each outstanding Cidara stock option became fully vested and exercisable and, to the extent unexercised, was canceled and converted into the right to receive cash equal to the number of underlying shares multiplied by $221.50 minus the exercise price per share.
Did the Cidara reverse stock split affect the numbers in this Form 4?
Yes. The filing states that the number of securities and the exercise prices reported have been adjusted to reflect Cidara’s 1-for-20 reverse stock split effected on April 24, 2024.
What is Cidara Therapeutics’ relationship to Merck after the transaction?
Following the tender offer and merger, Cidara Therapeutics continues as the surviving corporation and is now a wholly owned subsidiary of Merck.