AstraZeneca buys CinCor for $1.3 billion
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AstraZeneca (AZ) agreed on the acquisition of the American biotechnology company CinCor Pharma, which specializes in the development of new treatments for hypertension and chronic kidney disease.
Under the terms of the agreement, the British-Swedish company will pay $26 per CinCor share, more than double their closing price on January 6. At the same time, AstraZeneca is ready to pay another $10 per share if CinCor’s experimental drug for the treatment of hypertension, baxdrostat, is licensed by US regulators. The results of the second phase of its clinical trials were inconsistent, which is why CinCor’s shares immediately collapsed by 42% at the end of November. Despite this, the company intends to conduct a third phase of clinical trials, and AstraZeneca hopes that it will be successful.
AstraZeneca will pay $1.3 billion for the purchase of all CinCor shares. If the US regulators approve the baxdrostat, the deal will increase to $1.8 billion.
Following the announcement of the deal, CinCor shares rose more than 130% to $27.50 in OTC trading.
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