AstraZeneca (AZN) is commencing, through a subsidiary, a tender offer to purchase all outstanding shares of CinCor Pharma (CINC), for $26 per share in cash at closing, plus a non-tradable contingent value right of $10 per share in cash payable upon a specified regulatory submission for a baxdrostat product. On January 9, AstraZeneca announced that it had entered into a definitive agreement to acquire CinCor. Following the successful closing of the tender offer, CinCor will become a subsidiary of AstraZeneca.
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