(Reuters) – AstraZeneca said on Monday it will buy U.S.-based clinical-stage biopharmaceutical firm CinCor Pharma Inc in a deal valued at about $1.8 billion to strengthen its pipeline of heart and kidney drugs.
AstraZeneca said it will pay $26 per CinCor share in cash, a premium of nearly 121% to the stock’s closing price on Friday.
The offer also includes a non-tradable contingent value right of $10 per share in cash payable upon a specified regulatory submission of CinCor’s baxdrostat, which is being developed to treat cardiorenal diseases.
Including this, the offer represent a 206% premium to CinCor’s shares close on Friday.
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Savio D’Souza)
