AstraZeneca will make a tender offer in cash of $26 per CinCor's outstanding shares, a 121% premium to the company's closing price on Friday. The deal includes a non-tradable contingent value right of $10 per share in cash, which will be paid out upon a "specified regulatory submission" of CinCor's barostat blood pressure medication. The combined value of the upfront and maximum potential contingent payments comes to around $1.8 billion, a 206% increase from CinCor's Friday closing price.
AstraZeneca to Expand Treatment Options for Cardiorenal Diseases
AstraZeneca plans to expand its pipeline of treatments for heart and kidney disorders by acquiring CinCor Pharma. The Massachusetts-based biotech company's blood pressure medication, barostat, will complement AstraZeneca's strategy to provide more treatments for cardiorenal diseases, an area with a "high unmet medical need," according to Mene Pangalos, executive vice president of biopharmaceuticals research and development at AstraZeneca. Baxdrostat could be combined with AstraZeneca's chronic kidney disease drug Farxiga.