AstraZeneca to Buy CinCor for over $1.3 Billion
Biotech giants AstraZeneca on verge of CinCor acquisition !
Not even year after it went public on Nasdaq, CinCor Pharma, a U.S. company that develops treatments for hypertension and chronic kidney disease, has agreed to be acquired by drug giant AstraZeneca.
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AstraZeneca to Buy U.S. Drugmaker CinCor for over $1 Billion#biotech #pharmacy pic.twitter.com/2xztvlflfz
— The_Journalbiz (@the_journalbiz) January 9, 2023
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AstraZeneca said it will pay $1.3 billion in cash, or $26 a share, for CinCor. The offer is above CinCor’s IPO price of $16 and more than double CinCor’s closing price last Friday, but below its record high of more than $43 last summer.
CinCor shares surged in premarket trading Monday, and recently stood at $27.63. AstraZeneca shares stood about 1.1% lower in London.
AstraZeneca said CinCor stockholders stand to receive another $10 per share “upon a specified regulatory submission” of CinCor’s key drug candidate. This payout would lift the overall deal value to about $1.8 billion, AstraZeneca said.
CinCor had about $522 million of cash and marketable securities as of Sept. 30
