Merck Sells $8 Billion in US Bonds Tied to Cidara Deal

Merck & Co Inc. raised $8 billion through a US investment-grade dollar bond offering, with part of the proceeds expected to help fund its proposed acquisition of Cidara Therapeutics Inc., according to people with knowledge of the matter.

The pharmaceutical company’s offering was split in eight parts, with maturities ranging from three to 40 years, the people said, asking not to be identified discussing private details. The spread for the longest portion of the deal — a $1 billion note maturing in 2065 — tightened to 1 percentage point above Treasuries, from 1.2 percentage points initially, the people added.