AstraZeneca to buy US-based CinCor Pharma in $1.8bn deal
Last updated on: 09 January,2023 01:07 pm
AstraZeneca to buy US-based CinCor Pharma in $1.8bn deal
(Reuters) - AstraZeneca (AZN.L) said on Monday it will buy U.S.-based clinical-stage biopharmaceutical firm CinCor Pharma Inc (CINC.O) in a deal valued at about $1.8 billion to strengthen its pipeline of heart and kidney drugs.
AstraZeneca said it will pay $26 per CinCor share in cash, a premium of nearly 121% to the stock s closing price on Friday.
The offer also includes a non-tradable contingent value right of $10 per share in cash payable upon a specified regulatory submission of CinCor s baxdrostat, which is being developed to treat cardiorenal diseases.
Including this, the offer represent a 206% premium to CinCor s shares close on Friday.