AstraZeneca to Buy U.S. Cardiorenal-Drug Maker
AstraZeneca said the acquisition will boost its pipeline of cardiorenal treatments.
Photo:
Rachel Wisniewski/REUTERS
Anglo-Swedish pharma giant
AstraZeneca
PLC has agreed to buy
CinCor Pharma Inc.,
including global rights to its baxdrostat cardiorenal drug, for an upfront transaction value of around $1.3 billion.
AstraZeneca said Monday that it will initiate a tender offer to acquire all of the U.S.-listed biopharmaceutical company’s outstanding shares for a price of $26 a share in cash at the closing of the deal. It has also committed to a further $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.
AstraZeneca said the acquisition will bolster its cardiorenal pipeline by adding baxdrostat, an inhibitor that has shown promise in clinical trials lowering blood pressure in treatment-resistant hypertension.
The upfront cash portion of the acquisition represents a 121% premium to CinCor’s closing market price of $11.78 on Friday. Combined, the upfront and so-called maximum potential contingent value payments represent a transaction value of around $1.8 billion.
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
AstraZeneca said the acquisition will boost its pipeline of cardiorenal treatments.
Photo:
Rachel Wisniewski/REUTERS
Anglo-Swedish pharma giant
AstraZeneca
PLC has agreed to buy
CinCor Pharma Inc.,
including global rights to its baxdrostat cardiorenal drug, for an upfront transaction value of around $1.3 billion.
AstraZeneca said Monday that it will initiate a tender offer to acquire all of the U.S.-listed biopharmaceutical company’s outstanding shares for a price of $26 a share in cash at the closing of the deal. It has also committed to a further $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.
AstraZeneca said the acquisition will bolster its cardiorenal pipeline by adding baxdrostat, an inhibitor that has shown promise in clinical trials lowering blood pressure in treatment-resistant hypertension.
The upfront cash portion of the acquisition represents a 121% premium to CinCor’s closing market price of $11.78 on Friday. Combined, the upfront and so-called maximum potential contingent value payments represent a transaction value of around $1.8 billion.
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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