Categories: Economy

AstraZeneca to buy US CinCor Pharma for $1.8 billion

Swedish-British pharmaceutical manufacturer AstraZeneca announced that it has agreed to acquire American biotech company CinCor Pharma for $1.8 billion to strengthen its activities in the field of heart and kidney diseases.

At the center of the deal is CinCor’s experimental drug baxdrostat, which is being developed to treat many ailments, including high blood pressure and chronic kidney disease.

WILL PAY MORE THAN 121 PERCENT OF THE VALUE

AstraZeneca has announced that it will pay Cincor $26 per share in cash. This figure is about 121 percent higher than CinCor’s closing price per share on Friday.

The agreement provided that the drug baxdrostat will also include a non-tradeable grant of $10 per share payable in cash subject to specific regulatory approval.

Including that figure, the offer would be about 206 percent higher than CinCor’s closing price per share on Friday. (Reuters)

Source: Sozcu

Andrew

Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.