AstraZeneca to Buy CinCor Pharma for Baxdrostat Cardiorenal Drug
January 09 2023 - 2:49AM
Dow Jones News
By Joe Hoppe
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 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.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
January 09, 2023 02:34 ET (07:34 GMT)
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