AstraZeneca will pay up to 1,690 million for the biopharmaceutical company CinCor

MADRID, 9 Ene.

AstraZeneca will pay up to 1,690 million for the biopharmaceutical company CinCor

MADRID, 9 Ene. (EUROPA PRESS) -

The Anglo-Swedish laboratory AstraZeneca has signed a definitive agreement to acquire for a maximum of 1,800 million dollars (1,690 million euros) the American biopharmaceutical company CinCor Pharma, specialized in the development of new treatments for hypertension and chronic kidney disease.

Under the terms of the agreement, AstraZeneca will initiate a tender offer to acquire all of CinCor's outstanding shares at a price of $26 per share in cash, plus a non-marketable contingent value right of $10 per share in cash payable upon completion of a milestone series.

In this way, the part in cash committed in advance represents a value of approximately 1,300 million dollars (1,221 million euros) and a premium of 121% over the closing price of CinCor on January 6.

Combined, the upfront and maximum potential contingent value payments represent, if achieved, a transaction value of approximately $1.8 billion (€1.691 million) and a 206% premium over the January 6 closing price. of 2023.

The CinCor acquisition will bolster AstraZeneca's cardiorenal portfolio by adding the biopharmaceutical's drug candidate baxdrostat (CIN-107), an aldosterone synthase inhibitor (ASI) for lowering blood pressure in refractory hypertension.

"We are excited about AstraZeneca's proposed acquisition of CinCor Pharma, as we believe it offers the prospect of accelerating the development timeline and expanding the benefits that patients with cardiorenal disease could derive from baxdrostat, if approved," he said. Marc de Garidel, CEO of CinCor.

For his part, Mene Pangalos, executive vice president of biopharmaceutical RD at AstraZeneca, highlighted that the acquisition of CinCor further strengthens the company's portfolio.

"Excess aldosterone levels are associated with hypertension and various cardiorenal diseases, including chronic kidney disease and coronary artery disease, and being able to reduce this effectively would offer a much-needed treatment option for these patients," he added.

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