CinCor Pharma, Inc. (NASDQA: CINC) has today announced that it has entered into a n agreement with AstraZeneca. AstraZeneca to acquire CinCor Pharma.
What CEO Marc De Garidel said?
Chief Executive officer, Marc de Garidel, at CinCor, said, “We are excited about the proposed acquisition of CinCor Pharma by AstraZeneca. We believe it offers the vision of accelerating the development timeline and expanding the breadth of benefits patients, who are suffering from Cardiorenal diseases might obtain from baxdrostat, if it being approved.
CinCor is committed to ensuring a smooth evolution of the development responsibilities to AstraZeneca once the acquisition is consummated.
Thank you to all who have played, and will continue to play important roles in developing and evaluating baxdrostat as a potential novel treatment for cardiorenal diseases.”
CinCor, founded in 2018, is a clinical stage biopharmaceutical company, which has a mission to bring innovation to the pharmaceutical treatment of Cardio-renal diseases. It leads Asset, Baxdrostat (CIN-107), a highly selective, oral small molecule inhibitor of aldosterone synthase, is in clinical development for the treatment of hypertension and primary aldosteronism.
CinCor Pharma Chairman’s Statement
M.D, Ph.D., James Healy chairman of CinCor’s Board of Directors and Managing partner at Sofinnova investments, added: “AstraZeneca’s shared commitment to addressing the unmet medical need for patients with hypertension and cardiorenal disease. It will accelerate CinCor’s vision to develop and deliver life changing therapies. These therapies improve patient care. The CinCor management team has laid very important scientific and clinical groundwork for the baxdrostat program, including the successful phase 2 BrigHtn trail that was recently published in the new England Journal of medicine. On behalf of CinCor’s Board of Directors, I would like to recognize and thank the CinCor team,, scientific Advisors and patients for their dedication and conntributions to the advancement of the development of baxdrostat.
Under the terms of the merging agreement, AstraZeneca is Obligated to initiate a tender offer by January 23, 2023 to acquire the CinCor’s outstanding shares a price of $26.00 per share in cash at closing plus a non-tradable contingent value right of $10.00 per share in cash payable upon a specified regulatory submission of a Baxdrostat product.
The upfront cash portion of the consideration represents a transaction value of about $1.3 billion and a 121% premium over CinCor’s closing market price on January 6, 2023. Total consideration including the contingent value right, If the milestone is achieved, would be approximately $1.8 billion and a 206% premium over Cincor’s closing market price on January 6, 2023.
CinCor’s Board of Directors has approved the transaction.
