Shares of Cidara Therapeutics (CDTX) surged over 100% after Merck announced a $9.2 billion acquisition deal. Merck will pay $221.50 per share, a 109% premium. The acquisition gives Merck access to Cidara’s flu treatment drug, CD388, currently in Phase 3 trials. Merck CEO Robert Davis sees CD388 as a growth driver for the company. The deal is expected to close in the first quarter of next year. Cidara shares reached their highest levels in nine years, trading at around $218. Merck shares rose 1% but are down for the year. This acquisition showcases the value of biotech companies with unique assets.

Read more at Yahoo Finance: This Biotech’s Stock Price More Than Doubled on Friday. Here’s Why.