Cooley advised Cidara Therapeutics, a biotechnology company developing drug-Fc conjugate (DFC) therapeutics, on its definitive agreement under which Merck, through a subsidiary, will acquire Cidara for $221.50 per share in cash, for a total transaction value of approximately $9.2 billion. The transaction is expected to close in the first quarter of 2026 and be accounted for as an asset acquisition.