AstraZeneca wants to buy the US biotechnology company CinCor Pharma, specializing in treatments for hypertension or chronic kidney disease, for $1.8 billion, according to a statement released on Monday.
“The acquisition will strengthen the portfolio of cardiorenal drugs under development AstraZeneca”, an area in which “important medical needs”, such as to develop “the medicine of CinCorthe Baxdrostat”, against hypertension, collects the statement.
AstraZeneca will launch a takeover bid to acquire all shares of CinCor at the price of US$26 per title in cash, plus a direct payment of US$10 per title in cash for a regulatory application linked to Baxdrostat, according to the source.
“The portion paid immediately in cash represents a transaction value of US$1.3 billion, that is, a premium of 121% over the market price of CinCoron Friday, the statement added.
In total, including the payment linked to the authorization by the Baxdrostatthe purchase offer represents US$ 1.8 billion.
The offer should accelerate “the prospects for benefits to patients with cardiorenal disease from Baxdrostat, if approved”, commented marc de garidelCEO of CinCor.
Source: AFP
Source: Gestion
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