CinCor Pharma Shares Take Flight on Takeover by AstraZeneca
January 09 2023 - 7:43AM
Dow Jones News
By Colin Kellaher
Shares of CinCor Pharma Inc. more than doubled in premarket
trading Monday after the clinical-stage biopharmaceutical company
agreed to be acquired by Anglo-Swedish pharmaceutical giant
AstraZeneca PLC for up to $1.8 billion.
AstraZeneca said it would pay an initial $26 a share in cash for
CinCor, roughly 121% above Friday's closing price of $11.78 for the
Waltham, Mass., company.
CinCor shareholders also will receive non-tradable contingent
value rights worth $10 a share, payable upon a specified regulatory
submission of a baxdrostat product, bringing the total potential
value of the deal to $36 a share.
The transaction is slated to close in the first quarter.
CinCor shares were recently changing hands at $28.01, up 138%,
in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 09, 2023 07:28 ET (12:28 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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