AstraZeneca Agrees to Buy U.S.-Based CinCor in Deal Valued at $1.3 Billion

Dow Jones2023-01-09

AstraZeneca PLC said Monday that it has agreed to buy CinCor Pharma, Inc., acquiring global rights to the latter's baxdrostat cardiorenal drug for an upfront transaction value of around $1.3 billion.

The Anglo-Swedish pharma giant said that it will initiate a tender offer to acquire all of U.S.-listed clinical-stage biopharmaceutical company CinCor's (CINC) outstanding shares, for a price of $26 a share in cash at the closing of the deal, along with a non-tradable contingent value right of $10 a share in cash payable upon a specified regulatory submission of a baxdrostat product. The deal is expected to close in the first quarter.

The upfront cash portion of the acquisition represents a 121% premium to CinCor's closing market price on Jan. 6 of $11.78.

The combined upfront and maximum potential contingent value payments represent a transaction value of around $1.8 billion.

AstraZeneca said the acquisition will bolster its cardiorenal pipeline by adding baxdrostat, an inhibitor for blood pressure lowering in treatment-resistant hypertension.

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2023-01-09
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