AstraZeneca To Buy CinCor Pharma In Up To $1.8 Bln Deal – Quick Facts

British drug major AstraZeneca Plc. (AZN.L,AZN) Monday said it has entered into a definitive agreement to acquire CinCor Pharma, Inc. (CINC), a US-based clinical-stage biopharmaceutical company. The upfront cash portion of the deal represents a transaction value of around $1.3 billion.

On a combined basis, including the upfront and maximum potential contingent value payments, if achieved, the transaction value would be around $1.8 billion.

Under the deal terms, AstraZeneca will initiate a tender offer to buy CinCor for a price of $26 per share in cash at closing. The deal also includes a non-tradable contingent value right of $10 per share in cash payable upon a specified regulatory submission of a baxdrostat product.

The upfront cash portion represents a 121 percent premium over CinCor’s closing market price on January 6. On a combined basis, the transaction value represents a 206 percent premium over CinCor’s closing market price on the same date.

Subject to the satisfaction of the conditions in the merger deal, the acquisition is expected to close in the first quarter of 2023.

AstraZeneca will also acquire the cash and marketable securities on CinCor’s balance sheet, which totaled approximately $522 million as of September 30, 2022.

CinCor is focused on developing novel treatments for resistant and uncontrolled hypertension as well as chronic kidney disease.

AstraZeneca expects the acquisition to bolster its cardiorenal pipeline by adding CinCor’s candidate drug, baxdrostat (CIN-107), an aldosterone synthase inhibitor (ASI) for blood pressure lowering in treatment-resistant hypertension.

CinCor holds the exclusive, worldwide licence to baxdrostat, which will remain in place following the acquisition.

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