AstraZeneca has signed a definitive agreement to acquire CinCor Pharma, a clinical-stage US biopharmaceutical company focused on developing new treatments for resistant and uncontrolled hypertension and chronic kidney disease. The value of the transaction may exceed one billion dollars, as reported by AstraZeneca in a statement.
The acquisition will strengthen AstraZeneca’s cardiorenal pipeline by adding CinCor’s drug candidate baxdrostat, an aldosterone synthase inhibitor (ASI) for lowering blood pressure in refractory hypertension.
Baxdrostat represents a next-generation ASI that is highly selective for aldosterone synthase and bypasses the cortisol pathway in humans. The opportunity also provides the potential for combination with Farxiga and complements AstraZeneca’s strategy to provide additional benefits in cardiorenal disease, where there is a high unmet medical need.
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AstraZeneca closed the first nine months of 2022 with a profit of $2.4 billion
AstraZeneca will initiate a tender offer to acquire all of CinCor’s outstanding shares for a price of $26 per share in cash at closing, plus a non-tradable contingent value right of $10 per share in cash.
The upfront cash portion of the consideration represents a transaction value of approximately $1.3 billion and a 121% premium over CinCor’s closing market price on January 6, 2023. Combined, the potential contingent value payments maximum and upfront represent, if achieved, a transaction value of approximately $1.8 billion.
Mene Pangalos, vice president of AstraZeneca’s biopharmaceuticals, comments that “the acquisition of CinCor supports our commitment to cardiorenal diseases and further strengthens our portfolio with baxdrostat.”
Marc de Garidel, CEO of CinCor, highlights that “we are excited about the proposed acquisition of CinCor Pharma by AstraZeneca, as we believe it offers the prospect of accelerating the development schedule and expanding the range of benefits that patients with cardiorenal diseases could get”.
AstraZeneca closed the first nine months of 2022 with a profit of $2.4 billion, which means multiplying the profit for the same period of 2021 by five, according to the latest quarterly results published by the company. The multinational justifies this result by the success of its cancer treatments.
The company’s turnover increased by 30% between January and September 2022 compared to the same period in 2021, up to $33.1 billion. Sales improved due to the incorporation of the Alexion company.
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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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