AstraZeneca to buy US-based CinCor Pharma in $1.8 billion deal

AstraZeneca said recently it will buy US-based clinical-stage biopharma firm CinCor Pharma in a deal valued at about $1.8 billion to strengthen its pipeline of heart and kidney drugs.

AstraZeneca said it will pay $26 per CinCor share in cash, a premium of nearly 121 per cent to the stock’s closing price.

The offer also includes a non-tradable contingent value right of $10 per share in cash payable upon a specified regulatory submission of CinCor’s baxdrostat, which is being developed to treat cardio-renal diseases.

Edits by EP News Bureau