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Biopharma Giant AstraZeneca to Acquire CinCor in Deal Worth Up to $1.8B

Biopharma Giant AstraZeneca to Acquire CinCor in Deal Worth Up to $1.8B

AstraZeneca will buy US biotech CinCor Pharma Inc. for as much as $1.8 billion to gain a new treatment for hypertension and kidney disease.

The biopharmaceuticals giant will pay $26 per share for all outstanding CinCor stock, representing a 121% premium to its closing price as of last Friday. The agreement also includes a non-tradable contingent value right of $10 per share, which is payable upon certain regulatory milestones.

Astrazeneca is committing $1.3 billion in upfront cash payments. If the contingent value right is achieved, the value could jump to approximately $1.8 billion, which is a 206% premium relative to CinCor’s closing price last Friday.

CEO Marc de Garidel said CinCor accepted the offer after a “careful and thorough process” determined it was in the company’s best interest and will maximize the value for shareholders.

AstraZeneca will gain the rights to CinCor’s experimental therapy baxdrostat, which is in development to treat conditions including high blood pressure and chronic kidney disease.

The move reflects the company’s further investment in cardiorenal disease, as baxdrosat also brings some potential to be used in combination with Farxiga, AstraZeneca’s diabetes drug that has shown some promise in treating heart failure and kidney disease.

Top revenue stream for Astrazeneca comes from its cancer drugs, but its heart, kidney and diabetes drugs are a close second, according to the company’s latest earnings report. Those treatments made up $6.9 billion of its total $33 billion revenue in the first three quarters of 2022.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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