KENILWORTH (NJ) (dpa-AFX) - Merck & Co. Inc. (MRK) is nearing a deal to acquire Cidara Therapeutics (CDTX), a biotechnology company developing a long-acting antibody treatment for influenza, the Financial Times reported citing people familiar with the matter.
The transaction, which could be announced as early as Friday, is expected to value Cidara above its current market capitalization of $3.3 billion, barring any last-minute complications.
As of late Thursday, Merck was still competing with another pharmaceutical company for the acquisition, but the seller ultimately leaned toward Merck's offer. While the exact deal value remains undisclosed, it is likely to include a mix of upfront cash and milestone-based payments tied to clinical trial progress.
CDTX closed Thursday's regular trading at $105.99 down $1.13 or 1.05%. But in the after-hours trading, the stock gained $49.01 or 46.24%.
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