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.
Tweet on the acquisition news
AstraZeneca to Buy U.S. Drugmaker CinCor for over $1 Billion#biotech #pharmacy pic.twitter.com/2xztvlflfz
— The_Journalbiz (@the_journalbiz) January 9, 2023
FactSet on the acquisition news
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
