- AstraZeneca Plc AZN has agreed to acquire to CinCor Pharma Inc CINC for $26.00 per share in cash plus a contingent value right of $10.00 per share in cash payable upon a specified regulatory submission of a baxdrostat product.
- Marc de Garidel, Chief Executive Officer at CinCor, said: "We are excited about the proposed acquisition of CinCor Pharma by AstraZeneca as we believe it offers the prospect of accelerating the development timeline and expanding the breadth of benefits patients with cardiorenal diseases might obtain from baxdrostat, if approved.
- Related: CinCor Pharma Sinks After Disappointing Data From Hypertension Trial.
- The upfront cash portion of the consideration represents a transaction value of approximately $1.3 billion and a 121% premium over CinCor's closing market price on January 6, 2023.
- If the milestone is achieved, total consideration, including the contingent value right, would be approximately $1.8 billion and a 206% premium.
- The acquisition is expected to close in the first quarter of 2023.
- Price Action: CINC shares are up 134.30% at $27.60 during the premarket session on the last check Monday.
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