Cidara Therapeutics Acquisition, Valuation, Funding & Investors

Cidara Therapeutics was acquired by Merck for $9.2B in November 2025.

Cidara Therapeutics acquisition price

$9.2B

Acquired by Merck · Nov 2025

Cumulative funding Cidara Therapeutics raised

$74M

across 2 funding rounds

Key investors in Cidara Therapeutics

  • 5AM Ventures
  • Frazier Healthcare Partners
  • Aisling Capital
  • Fidelity
  • RA Capital Management
  • Perceptive Advisors
  • InterWest Partners
  • Rock Springs Capital

Cidara Therapeutics Overview

About Cidara Therapeutics

Cidara Therapeutics is a biopharmaceutical company based in San Diego that develops drug-Fc conjugate (DFC) therapeutics for infectious disease and antiviral applications. Its lead program, CD388, is a long-acting antiviral designed to prevent seasonal and pandemic influenza in high-risk individuals, including older adults and people with compromised immune systems. The company's Cloudbreak platform also underpinned earlier antifungal candidates, such as treatments for invasive candidiasis in immunocompromised patients.


HQ

United StatesUnited States

Website

cidara.com

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Valuation

$120M (Feb 2015)

Cidara Therapeutics Acquisition

Cidara Therapeutics was acquired by Merck for $9.2B on 14 November 2025.

Before the acquisition Cidara Therapeutics had raised $74M across 2 funding rounds.

Cidara Therapeutics, a San Diego-based biotechnology company, develops drug-Fc conjugate (DFC) therapeutics, with its lead candidate CD388—a long-acting antiviral designed for universal prevention of seasonal and pandemic influenza in high-risk individuals, including older adults and those with compromised immune systems. CD388 received FDA Fast Track Designation in June 2023, Breakthrough Therapy Designation in October 2025, positive Phase 2 NAVIGATE topline results in June 2025, and initiated the Phase 3 ANCHOR study in September 2025. Previously partnered with Janssen (Johnson & Johnson), Cidara regained rights in April 2024 after paying $85 million upfront, supported by BARDA funding to advance development. Merck & Co. (NYSE: MRK, known as MSD outside the US and Canada), a global pharmaceutical giant, acquired Cidara for $9.2 billion in cash at $221.50 per share—a 109% premium over Cidara’s prior closing price of $105.99—announced November 14, 2025, following reports of multiple bidders. The deal, approved by both boards, proceeded via tender offer, with Merck’s subsidiary acquiring all outstanding shares; it completed January 7, 2026, making Cidara a wholly owned subsidiary delisted from Nasdaq, accounted as an asset acquisition adding ~$9 billion to 2026 R&D expenses. Merck pursued the acquisition to diversify its pipeline amid Keytruda patent expiration, complementing its respiratory portfolio with CD388 as a potential long-term growth driver leveraging its global development and commercial capabilities. Cidara’s CEO described it as transformational, building on Phase 2b data showing CD388 as an additional option beyond vaccines and antivirals for unmet influenza prevention needs.

Cidara Therapeutics acquisition details
AcquirerDateTypePrice
14 Nov 2025Strategic M&A$9.2B

Cidara Therapeutics Valuation

Cidara Therapeutics is currently valued at $120M, based on its Series B in February 2015.

The $42M round was led by RA Capital Management, with participation from Sabby Capital, 5AM Ventures, Fidelity, Frazier Healthcare Partners, CAM Capital and 4 other investors.

Cidara Therapeutics valuation by funding round

Cidara Therapeutics valuation by funding round
DateStageValuation
Feb 2015Series B$120M

Cidara Therapeutics Funding History

Cidara Therapeutics has raised a total of $74M across 2 funding rounds.

Cidara Therapeutics' first fundraising round was a $32M Series A in June 2014. The most recent completed round was a $42M Series B in February 2015.

Cidara Therapeutics funding rounds

Cidara Therapeutics funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2015Series BRA Capital Management (lead); Sabby Capital; 5AM Ventures; Fidelity; Frazier Healthcare Partners; CAM Capital; Rock Springs Capital; venBio Partners; Aisling Capital; Perceptive Advisors$42M$120MCidara Therapeutics is a biotechnology company developing novel antifungals, including CD101 IV for candidemia and invasive candidiasis, and a Cloudbreak immunotherapy platform. On February 11, 2015, it completed a $42 million Series B financing with investors including RA Capital Management, 5AM Ventures, Aisling Capital, CAM Capital, Fidelity, Frazier Healthcare Partners, Perceptive Advisors, Rock Springs Capital, Sabby Capital, and venBio Partners, positioning the company for an IPO. The post-money valuation was $120.29 million. Shortly after the Series B, Cidara priced a $76.8 million IPO on April 14, 2015, selling 4,800,000 shares at $16.00 per share, with net proceeds of about $69.3 million. As of March 31, 2015, cash and equivalents were $58.1 million, up from $22.8 million at year-end 2014 due to the Series B, excluding IPO proceeds. Q1 2015 operating expenses reached $6.7 million, with R&D at $4.9 million, reflecting pipeline expansion. The company added key executives like Chief Commercial Officer Paul Daruwala and SVP Research James Balkovec in early 2015, and expanded its board. IPO funds were allocated to advance CD101 IV and topical through Phase II/III ($25 million) and preclinical programs/Cloudbreak platform ($25 million). Cidara was named to FierceBiotech's 2014 Fierce 15 for its experienced team and platform.
Jun 2014Series A5AM Ventures (lead); Frazier Healthcare Partners; Aisling Capital; InterWest Partners$32M-Cidara Therapeutics, formerly K2 Therapeutics, completed a $32 million Series A financing on June 30, 2014, led by 5AM Ventures, Aisling Capital, Frazier Healthcare Partners, and InterWest Partners, with participation from select institutional crossover investors. The company, co-founded by Kevin Forrest of 5AM Ventures, Kevin Judice (former CEO of Achaogen), and H. Shaw Warren of Harvard and Massachusetts General Hospital, focuses on developing novel therapies for severe fungal infections in immunocompromised patients. Forrest joined as COO and Judice as CSO, with Warren on the scientific advisory board; Scott Rocklage of 5AM Ventures served as board chairman. The proceeds were earmarked to advance candidates from Cidara's Cloudbreak targeted immunotherapy platform and biafungin, a novel long-acting echinocandin antifungal in IND-enabling studies, into human clinical trials. Cloudbreak aims to deliver small molecule immunotherapies, while biafungin addresses limitations of existing antifungals. Cidara later raised a $42 million Series B in February 2015 and went public (NASDAQ: CDTX), developing antivirals like CD388 (dosed first patients in Phase I with Janssen). The company is part of 5AM Ventures' portfolio alongside others like Audentes and Crinetics, targeting infectious diseases in high-risk patients.

Who has invested in Cidara Therapeutics?

11 investors have backed Cidara Therapeutics across its funding rounds, including 5AM Ventures, Frazier Healthcare Partners, Aisling Capital, Fidelity, RA Capital Management and Perceptive Advisors.

Lead investors include RA Capital Management and 5AM Ventures.


Cidara Therapeutics Investors

Investors in Cidara Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check
5AM VenturesUnited StatesUnited States2LeadJun 2014
Frazier Healthcare PartnersUnited StatesSeattle, WA2ParticipantJun 2014
Aisling CapitalUnited StatesNew York City, NY2ParticipantJun 2014
Sabby CapitalUnited StatesUpper Saddle River, NJ1ParticipantFeb 2015
FidelityUnited StatesBoston, MA1ParticipantFeb 2015
CAM CapitalUnited StatesNew York City, NY1ParticipantFeb 2015
Rock Springs CapitalUnited StatesBaltimore, MD1ParticipantFeb 2015
RA Capital ManagementUnited StatesBoston, MA1LeadFeb 2015
venBio PartnersUnited StatesSan Francisco, CA1ParticipantFeb 2015

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Cidara Therapeutics Competitors

Cidara Therapeutics competitors include listed companies like Krka, Protagonist Therapeutics, Financiere de Tubize and Abivax, and private ones like Biosplice Therapeutics and Biocon Biologics.

Public and private companies comparable to Cidara Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
KrkaSloveniaSloveniaPublicly listed$2.4B$673M$9.2B3.3x
Protagonist TherapeuticsUnited StatesUnited StatesPublicly listed$46M($157M)$9.3B21.2x
Financiere de TubizeBelgiumBelgiumPublicly listed-$108M$9.1B-
AbivaxFranceFrancePublicly listed-($353M)$9.1B1836.4x
Biosplice TherapeuticsUnited StatesSan Diego, CAPrivate--$12B-
Biocon BiologicsIndiaBangalorePrivate$1.1B-$4.5B4.2x

Cidara Therapeutics Public Comps

Cidara Therapeutics is no longer listed, but its public comps include Krka, Financiere de Tubize, Protagonist Therapeutics, Abivax, Crinetics Pharmaceuticals, Eisai Co., Vaxcyte, ImmunityBio, Kelun and Arrowhead Pharmaceuticals.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Krka$2.4B$673M3.5x3.3x12.2x11.9x
Financiere de Tubize-$108M--83.5x-
Protagonist Therapeutics$46M($157M)185.4x21.2x(54.4x)49.6x
Abivax-($353M)-1836.4x(24.2x)(29.0x)
Crinetics Pharmaceuticals$8M($513M)1020.6x109.9x(15.3x)(16.8x)
Eisai Co.$5.3B$538M1.7x1.6x16.3x14.0x
Vaxcyte-($870M)--(8.8x)(6.7x)
ImmunityBio$113M($226M)83.1x48.6x(41.6x)-

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Common questions about Cidara Therapeutics

Where is Cidara Therapeutics headquartered?Cidara Therapeutics is headquartered in United States.
Is Cidara Therapeutics publicly listed?No, Cidara Therapeutics was acquired by Merck in November 2025.
Who acquired Cidara Therapeutics?Cidara Therapeutics was acquired by Merck in November 2025.
How much was Cidara Therapeutics acquired for?Cidara Therapeutics was acquired for $9.2B in November 2025.
What is Cidara Therapeutics' valuation?Cidara Therapeutics was last valued at $120M in its Series B in February 2015.
How much funding has Cidara Therapeutics raised?Cidara Therapeutics has raised $74M across 2 funding rounds.
What was Cidara Therapeutics' last funding round?Cidara Therapeutics' last funding round was a $42M Series B in February 2015, led by RA Capital Management.
Who are Cidara Therapeutics' investors?Cidara Therapeutics' investors include 5AM Ventures, Frazier Healthcare Partners, Aisling Capital, Sabby Capital, Fidelity, CAM Capital, Rock Springs Capital, RA Capital Management, venBio Partners, Perceptive Advisors and 1 other.
Which companies are comparable to Cidara Therapeutics?Companies comparable to Cidara Therapeutics include Krka, Protagonist Therapeutics, Financiere de Tubize, Abivax, Biosplice Therapeutics and Biocon Biologics.

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