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"I want to start with Sedara Therapeutics. It's ticker CDTX. Their shares have been up more than 100%. So, it's a biotech company that's developing uh a flu treatment. The big news is that Merc has agreed to buy it. Uh it will pay 221.50 cents a share in cash, a total transaction value of about 9.2 billion. The story behind it though, Merc has been trying to make up for the upcoming patent loss, especially its cancer drug, Kruda. It's their best selling in the pharmaceutical history, accounted for almost half of their revenue last year."
The speaker discusses Sedara Therapeutics (CDTX) being acquired by Merc for $221.50 per share as it seeks to offset significant revenue losses from an upcoming patent expiry on its top-selling cancer drug. The commentary highlights the impressive share performance and contextualizes the strategic move within the broader trend of competitive M&A in biotech.
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