Anglo-Swedish pharma giant AstraZeneca PLC has agreed to buy CinCor Pharma Inc., including global rights to its baxdrostat cardiorenal drug, for an upfront transaction value of around $1.3 billion.
AstraZeneca said Monday that it will initiate a tender offer to acquire all of the U.S.-listed biopharmaceutical company’s outstanding shares for a price of $26 a share in cash at the closing of the deal. It has also committed to a further $10 a share in cash, payable upon a specified regulatory submission of a baxdrostat product. The deal is expected to close in the first quarter.
