CinCor Pharma (NASDAQ: CINC) soared by more than 135% in pre-market trading on Monday after AstraZeneca (AZN) announced the acquisition of the clinical-stage biopharmaceutical company for $1.8 billion.
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According to the terms of the agreement, AZN will acquire all outstanding shares of CinCor at a price of $26 per share in cash in addition to a “non-tradable contingent value right of $10 per share in cash payable upon a specified regulatory submission of a baxdrostat product.”
This price represents a 121% premium over CinCor’s closing market price on 06 January 2023. AZN will also acquire the cash and marketable securities on CinCor’s balance sheet of around $522 million as of 30 September 2022.
Through this acquisition, AZN is looking at bolstering its cardiorenal pipeline by the addition of CInCor’s candidate drug, baxdrostat (CIN-107), an aldosterone synthase inhibitor (ASI) used to lower treatment-resistant hypertension.