Cara Therapeutics has entered into a merger agreement with Tvardi Therapeutics, where Cara will acquire Tvardi, with a closing date expected around March 31, 2025, and a purchase price of $900,000 for certain assets related to difelikefalin. Following the merger, the ownership of the combined company will be approximately 15.25% for Cara's existing shareholders, 12.54% for Tvardi's shareholders, and 72.21% for holders of Tvardi's convertible notes.