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AstraZeneca to buy US-based CinCor Pharma in $1.8 bln deal

New Delhi: AstraZeneca said on Monday it will buy US-based clinical-stage biopharmaceutical firm Cincor Pharma Inc. in a deal valued at about $1.8 billion to strengthen its pipeline of heart and kidney drugs.

AstraZeneca said it will pay $26 per CinCor share in cash, a premium of nearly 121 percent to the stock’s closing price on Friday.

The offer also includes a non-tradable contingent value right of $10 per share in cash payable upon a specified regulatory submission of CinCor’s baxdrostat, which is being developed to treat cardiorenal diseases,

Including this, the offer represented a 206 percent premium to CinCor’s shares close on Friday.

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