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- Cidara Therapeutics
Cidara Therapeutics Acquisition, Valuation, Funding & Investors
Cidara Therapeutics was acquired by Merck for $9.2B in November 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
Website
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Valuation
$120M (Feb 2015)
Sectors
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.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 14 Nov 2025 | Strategic 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
| Date | Stage | Valuation |
|---|---|---|
| Feb 2015 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2015 | Series B | RA Capital Management (lead); Sabby Capital; 5AM Ventures; Fidelity; Frazier Healthcare Partners; CAM Capital; Rock Springs Capital; venBio Partners; Aisling Capital; Perceptive Advisors | $42M | $120M | Cidara 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 2014 | Series A | 5AM 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jun 2014 | ||
| 2 | Participant | Jun 2014 | ||
| 2 | Participant | Jun 2014 | ||
| 1 | Participant | Feb 2015 | ||
| 1 | Participant | Feb 2015 | ||
| 1 | Participant | Feb 2015 | ||
| 1 | Participant | Feb 2015 | ||
| 1 | Lead | Feb 2015 | ||
| 1 | Participant | Feb 2015 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialCidara 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2.4B | $673M | $9.2B | 3.3x | ||
| Publicly listed | $46M | ($157M) | $9.3B | 21.2x | ||
| Publicly listed | - | $108M | $9.1B | - | ||
| Publicly listed | - | ($353M) | $9.1B | 1836.4x | ||
| Private | - | - | $12B | - | ||
| Private | $1.1B | - | $4.5B | 4.2x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.4B | $673M | 3.5x | 3.3x | 12.2x | 11.9x | |||
| - | $108M | - | - | 83.5x | - | |||
| $46M | ($157M) | 185.4x | 21.2x | (54.4x) | 49.6x | |||
| - | ($353M) | - | 1836.4x | (24.2x) | (29.0x) | |||
| $8M | ($513M) | 1020.6x | 109.9x | (15.3x) | (16.8x) | |||
| $5.3B | $538M | 1.7x | 1.6x | 16.3x | 14.0x | |||
| - | ($870M) | - | - | (8.8x) | (6.7x) | |||
| $113M | ($226M) | 83.1x | 48.6x | (41.6x) | - | |||
This data is available for Pro users. Sign up to see all Cidara Therapeutics competitors and their valuation data. Start Free Trial | ||||||||
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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