AstraZeneca completes acquisition of CinCor Pharma

AstraZeneca (AZN) announced the successful completion of the acquisition of CinCor Pharma (CINC), a U.S.-based clinical-stage biopharmaceutical company, focused on developing novel treatments for resistant and uncontrolled hypertension as well as chronic kidney disease. "The acquisition bolsters AstraZeneca’s cardiorenal pipeline by adding baxdrostat, CIN-107, an aldosterone synthase inhibitor for blood pressure lowering in treatment-resistant hypertension, to its cardiorenal portfolio. Baxdrostat represents a potentially leading next-generation ASI as it is highly selective for aldosterone synthase and spares the cortisol pathway in humans1. The opportunity also brings the potential for combination with Farxiga and complements AstraZeneca’s strategy to provide added benefit across cardiorenal diseases, where there is a high unmet medical need. The acquisition was completed through a tender offer to purchase all outstanding shares of CinCor for approximately $1.3bn upfront. As part of the transaction, AstraZeneca acquired the cash and marketable securities on CinCor’s balance sheet, which totalled approximately $500 million as of the closing, excluding transaction-related expenses. Under the terms of the agreement, CinCor shareholders also received a non-tradable contingent value right, payable upon a specified regulatory submission of a baxdrostat product. Combined, the upfront and contingent value payments represent, if achieved, a transaction value of approximately $1.8bn. As of the expiration of the tender offer, 39,580,275 shares of CinCor were validly tendered and not validly withdrawn from the tender offer, representing approximately 86.3% of the outstanding shares of common stock of CinCor, and such shares have been accepted for payment in accordance with the terms of the tender offer. CinCor’s shares will be delisted from the Nasdaq Stock Market, and CinCor will terminate its registration under the U.S. Securities Exchange Act of 1934 as soon as practicable following completion of the acquisition," the company said.