Target enrollment of 6,000 participants completed in the Northern Hemisphere Planned interim analysis in Q1 2026 will determine potential need for additional enrollment during Southern Hemisphere flu season SAN DIEGO, Nov. 24, 2025 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company using its proprietary Cloudbreak® platform to develop drug-Fc conjugate (DFC) therapeutics, today announced it has reached target enrollment in its Phase 3 ANCHOR trial of 6,000 participants ac ...

MSCI中国医疗指数 2025年初至今累计上涨 62.8%，跑赢 MSCI中国指数 32.2%。 近期，医药板块有所回调（MSCI 中国医疗指数 10 月至今回调 8%），我们认为部 分低估值个股具备吸引力。由于资本市场融资复苏、创新药出海交易规模上涨，国 内创新药研发需求出现回暖。叠加美国降息，CXO 行业有望在 2H25E 迎来业绩修 复。已授权的创新药管线在海外的临床推进将成为创新药板块最重要的催化剂。 2025 年 11 月 24 日 招银国际环球市场 | 睿智投资 | 行业研究 中国医药 中国医药 - MNC 购买资产热情高涨 估值表 | | | | 市值 | 目标价 | 上行/ | P/E (x) | | P/B (x) | | ROE (%) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司名称 | 股份代码 | 评级 | (百万美元) | | | | (LC) 下行空间 FY25E FY26E FY25E FY26E FY25E FY26E | | | | | | 三生制药 | ...

Cidara Therapeutics Inc. (NASDAQ:CDTX) is the top stock in our list of the hottest SMID-cap stocks so far in 2025 with a 717% share price surge year-to-date. Following the acquisition announcement by Merck & Co. Inc. (NYSE:MRK), Guggenheim analyst Seamus Fernandez downgraded his rating on Cidara Therapeutics from Buy to Neutral on November 17, according to TheFly. Before the deal, Fernandez had assigned a price target of $167, but after the downgrade, he raised it to the offer price of $221.5. Billion Ph ...

证券研究报告|行业定期 生物医药 行业评级 强于大市 （维持评级） 2025年11月23日 4-1BB：复盘历史失败原因，维立志博做对了什么？ 证券分析师： 陈铁林 执业证书编号：S0210524080007 联系人：杨风雨 请务必阅读报告末页的重要声明 华福证券 华福证券 创新药专题 2 华福证券 华福证券 ◼ 4-1BB专题：4-1BB（又名 CD137、TNFRSF9），是肿瘤坏死因子受体超家族的关键成员，广泛表达于多种免疫细胞，当 T 细胞通过 TCR 识别 抗原（信号1）后，41BB 与配体 4-1BBL 结合（信号2），能进一步激活免疫细胞，为免疫应答"加速"，开启抗肿瘤防御。第二代CAR-T细胞 技术已被验证选择4-1BB CAR-T细胞诱导较慢但更持久的活化，使CAR-T细胞在体内具有更长的存活时间和持续杀伤能力。以urelumab和 utomilumab（PF-05082566）为代表的第一代4-1BB激动剂均因肝毒性限制剂量，但显著弱化41BB后疗效不佳。 ◼ 第二代4-1BB激动剂主要是双特异性抗体，遗憾的是多个PD-L1/4-1BB双抗仍未平衡好疗效和安全性。4-1BB抗体是双抗的是其 ...

Key Points Merck's newest acquisition grants it access to a highly promising medicine. That could help it overcome the challenges its two biggest franchises are facing. Merck has other things going its way, including a deep pipeline and a strong dividend. 10 stocks we like better than Merck › Over the past two years, Merck (NYSE: MRK) has faced several challenges, resulting in a decline in the company's share price. Even worse, the pharmaceutical giant could face more issues ahead, including the ...

Key Takeaways J&J will buy Halda for $3.05B, adding its targeted oral cancer platform and lead prostate cancer therapy.The deal brings HLD-0915, a once-daily therapy showing early anti-tumor activity in metastatic prostate J&J expects the acquisition to close in the coming months.Johnson & Johnson (JNJ) announced a definitive agreement to acquire Halda Therapeutics, a clinical-stage biotech developing targeted oral cancer medicines, for $3.05 billion in cash.The acquisition will bring Halda’s proprietary RI ...

Core Insights - Merck (MRK) has made significant investments in strategic mergers and acquisitions to enhance its long-term portfolio and growth prospects [1] M&A Activity - Merck announced an agreement to acquire Cidara Therapeutics (CDTX) for $221.50 per share, totaling nearly $9.2 billion, which will enhance its respiratory portfolio with the addition of CD388, a candidate for influenza prevention [2][10] - The acquisition is expected to close in Q1 2026, pending customary conditions [2] - This follows Merck's recent acquisition of Verona Pharma for approximately $10 billion, which added Ohtuvayre for COPD treatment, strengthening its cardio-pulmonary portfolio [5] Product Development - CD388, developed using CDTX's Cloudbreak platform, is a long-acting small molecule inhibitor targeting influenza, currently in phase III trials for high-risk patients [3] - CD388 offers broad protection against seasonal and pandemic flu strains with a single injection, independent of the body's immune response, and has received Fast Track and Breakthrough Therapy designations from the FDA [4] Strategic Focus - Merck's management highlighted that strategic business development is a key priority, with ongoing assessments for further investments to drive growth and shareholder value [6] - Recent multi-billion-dollar deals with Chinese biotechs have broadened Merck's pipeline beyond its reliance on the PD-L1 inhibitor Keytruda, positioning it for sustainable revenue growth over the next decade [7] Industry Trends - M&A activity in the pharma/biotech sector is increasing, with a focus on innovation-driven acquisitions rather than large-scale consolidation, shifting therapeutic focus towards metabolic and cardio-metabolic diseases and respiratory conditions [8]

Summary of Merck & Co. Investor Call on Cidara Therapeutics Acquisition Company and Industry - **Company**: Merck & Co. (NasdaqCM:MRK) - **Acquisition Target**: Cidara Therapeutics (NasdaqCM:CDTX) - **Industry**: Pharmaceuticals, specifically focusing on antiviral treatments and infectious diseases Core Points and Arguments 1. **Acquisition Announcement**: Merck announced the acquisition of Cidara Therapeutics for $21.50 per share, totaling approximately $920 million, expected to close in Q1 2026, pending shareholder and regulatory approvals [17][18][19] 2. **Strategic Fit**: The acquisition aligns with Merck's strategy to enhance its portfolio in infectious diseases, particularly with the addition of CD388, a long-acting antiviral agent aimed at preventing influenza [4][5][6] 3. **CD388 Overview**: CD388 is a first-in-class investigational antiviral designed to provide season-long protection against influenza strains A and B, with a significant unmet medical need in high-risk populations [9][10][15] 4. **Market Opportunity**: The potential market for CD388 is estimated at over $5 billion, targeting approximately 110 million individuals in the U.S. at higher risk for influenza complications [5][15][16] 5. **Clinical Data**: CD388 demonstrated 76% efficacy in preventing influenza-like illness in a phase 2 study, with low immunogenicity and good tolerability [10][11] 6. **Regulatory Pathway**: The phase 3 trial is focused on high-risk individuals, with an interim analysis planned after the first flu season to assess the need for sample size adjustments [11][12] 7. **Financial Impact**: The acquisition will result in a charge of approximately $9 billion to R&D expenses, impacting EPS by about $0.30 in the first year [18][19] 8. **Manufacturing Plans**: Merck plans to transition manufacturing to U.S.-based facilities over time, moving away from reliance on WuXi-manufactured products [22][23] Additional Important Content 1. **Public Health Need**: Influenza poses a significant public health threat, with the CDC reporting up to 82 million infections, 1.3 million hospitalizations, and 130,000 deaths in the 2024-2025 season [7][8] 2. **Current Vaccine Limitations**: Existing flu vaccines have variable efficacy, particularly in high-risk populations, highlighting the need for innovative solutions like CD388 [8][9] 3. **Commercial Strategy**: Merck's existing infrastructure will facilitate the launch of CD388, targeting high-risk patients already within healthcare systems [56][73] 4. **Pricing Strategy**: Initial pricing research suggests a potential price point of up to $600 for CD388, aiming to provide significant protection to those inadequately covered by traditional vaccines [57][73] 5. **Future Opportunities**: Merck remains open to pursuing additional M&A opportunities in therapeutic areas such as oncology, immunology, and cardiometabolic diseases, maintaining a focus on significant unmet needs [41][42] This summary encapsulates the key points discussed during the investor call regarding Merck's acquisition of Cidara Therapeutics and the strategic implications for both companies in the context of the antiviral market.

Merck & Co (NYSE:MRK) M&A Announcement November 17, 2025 08:00 AM ET Company ParticipantsJames Shin - Director of Biopharma Equity ResearchDaina Graybosh - Senior Managing DirectorGeoff Meacham - Managing DirectorChris Schott - Managing DirectorDean Li - President of Merck Research LaboratoriesRob Davis - CEOCaroline Litchfield - CFOAlex Hammond - Director and Head of TherapeuticsPeter Dannenbaum - Senior VP of Investor RelationsVamil Divan - Managing DirectorChirfi Guindo - CMOConference Call ParticipantsC ...

Investment Rating - The report does not explicitly state an investment rating for the industry [2][19]. Core Views - The pharmaceutical and biotechnology sector saw a weekly increase of 3.29%, outperforming the Wind All A index (-0.47%) and the CSI 300 index (-1.08%) during the week of November 10-14, 2025 [3][8]. - Local governments are actively implementing policies to support innovative drug development, with Chongqing aiming to approve 1-3 new drugs annually by 2027 [3][13]. - Flu activity is on the rise, with the percentage of flu-like illness cases reported in southern provinces reaching 5.5%, higher than the previous week and the same period in 2022 and 2024 [3][13]. Market Weekly Review - The pharmaceutical and biotechnology sector increased by 3.29%, with all sub-sectors recovering. The leading sub-sectors included pharmaceutical distribution (5.92%), in vitro diagnostics (5.91%), and raw materials (5.09%) [3][8]. - Notable stock performances included Jindike (61.6%), Renmin Tongtai (61.1%), and Chengda Pharmaceutical (58.3%) with significant gains, while *ST Changyao (-33.6%) and Zhend Medical (-11.3%) faced substantial declines [3][11]. Industry News and Key Company Announcements - On November 14, Chongqing's government announced comprehensive support measures for innovative drug development, including funding for research and expedited ethical review processes [3][13]. - Merck announced a $9.2 billion acquisition of Cidara Therapeutics, expected to close in Q1 2026 [3][13]. - Adicon acquired Crown Bioscience for $204 million, aiming to enhance its integrated service platform [3][13]. - Laika Pharmaceuticals entered an exclusive licensing agreement with Qilu Pharmaceutical for LAE002, with potential payments totaling RMB 25.75 billion [3][14]. - Lyell Immunopharma announced a global licensing agreement for LYL273, with significant milestone payments and royalties [3][15]. - MeiraGTx Holdings entered a strategic collaboration with Eli Lilly for gene therapy projects, with upfront and milestone payments exceeding $400 million [3][15].