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$800 million, AstraZeneca opened the year with a big acquisition
$800 million, AstraZeneca opened the year with a big acquisitionOn January 9, AstraZeneca announced the acquisition of CinCor
Pharma, priced at approximately US$1.
8 billion (approximately RMB12.
2 billion at current exchange rates), is expected to close in the first quarter of this year
, subject to the conditions of the merger agreement.
It was also AstraZeneca's largest acquisition
in the opening year.
Source: AstraZeneca
It is reported that CinCor is a clinical-stage biopharmaceutical company in the United States, founded in March 2018 and listed on NASDAQ in January last year, focusing on the development of new therapies
for the treatment of refractory and uncontrolled hypertension and chronic kidney disease.
At present, its main product is the clinical candidate Baxdrostat (CIN-107), which is used to treat hypertension and primary aldosteronism and other heart and kidney diseases
.
Baxdrostat is a highly selective oral small molecule aldosterone synthetase inhibitor, taken orally once daily, to reduce aldosterone synthesis by inhibiting aldosterone synthetase, while aldosterone synthase is only produced in a small part of the cells of the adrenal glands, other parts of the body do not produce this enzyme, is not expected to produce off-target effects, has been an ideal target for the treatment of
hypertension.
Cincor holds an exclusive worldwide license to Baxdrostat, which will survive the transaction
.
Through this acquisition, AstraZeneca's pipeline of new drug products in the field of heart and kidney diseases will be further strengthened
.
Today, the Cardiovascular, Renal & Metabolism division is AstraZeneca's second largest business segment
.
According to the first three quarters of 2022, the total revenue of AstraZeneca's cardiovascular, renal and metabolic business was US$6.
9 billion, an increase of 19%
year-on-year.
At present, there are many heavy products
such as dapagliflozin (Andatang), ticagrelor (Belinda), rosuvastatin calcium (kedine), roxadustat (Erizo) and so on.
According to the report of the National Cancer Registry, GHDx and CIC Prospective Industry Research Institute, circulatory diseases, urinary diseases and metabolic and nutritional diseases are the most important chronic diseases in China from 2015 to 2024, among which diabetes, cardiovascular diseases and chronic kidney diseases have become the "main force"
of chronic diseases in China.
Under the terms of the merger agreement, AstraZeneca is obligated to initiate a tender offer by January 23, 2023 to acquire all outstanding shares of CinCor at a purchase price of $26.
00 per share and cash at closing, plus $10.
00 per share of non-tradable contingent value rights
.
It is worth mentioning that the cash advance portion of the deal is approximately $1.
3 billion, representing a 121%
premium to CinCor's closing price on January 6.
If the milestone is achieved, the total consideration, including contingent value rights, will be approximately $1.
8 billion, representing a 206%
premium to CinCor's closing price on January 6, 2023.
Optimize pipelines, adjust executives, and seek new growth points
Optimize pipelines, adjust executives, and seek new growth pointsAt present, the pharmaceutical market is constantly changing, and many multinational pharmaceutical companies are seeking better development
in the Chinese market by optimizing their pipelines.
In recent years, AstraZeneca has continued to adjust its product structure
.
From 2012 to 2017, AstraZeneca's global performance continued to decline
due to the expiration of patent protection for a number of core products, the market performance of many products in the digestive and neurological fields.
"Buy" and "sell" gradually became common actions at AstraZeneca
.
In 2021, AstraZeneca acquired Alexion Pharmaceuticals for US$39 billion, deeply deploying the rare disease market; In October of the same year, AstraZeneca sold two cardiovascular drugs, Atacand (candesartan cilexetil) and Atacand, for $400 million
The commercial rights to Plus (candesartan cilexetil hydrochlorothiazide tablets) were sold to Cheplapharm Arzneimittel, Germany
GmbH, the two drugs approved for the treatment of heart failure and hypertension, are currently available
in about 70 countries around the world.
In addition to the cardiovascular sector, several acquisitions in 2022 reflect AstraZeneca's focus
on emerging technologies.
In July 2022, AstraZeneca acquired TeneoTwo for $1.
261 billion, including its Phase I clinical-stage T cell adaptor TNB-486, which targets CD19/CD3, which is considered a promising treatment for hematologic malignancies and solid tumors;
In October of the same year, AstraZeneca acquired LogicBio, a gene therapy company with leading products in the phase 1/2 clinical stage, at a premium of 666%, which is also the highest premium in the pharmaceutical field in 2022, according to the statistics of Harvest Venture Capital;
In November, AstraZeneca announced the acquisition of Neogene Therapeutics, a clinical-stage biotech, for $320 million focused on developing the next generation of solid tumor therapeutics with therapeutic potential
T cell receptor therapy (TCR-Ts).
In the process of "buying" and "selling", AstraZeneca continues to layout in depth with its own R&D pipeline on the one hand, and expands new markets
on the other hand.
At the same time as the product line changes, AstraZeneca has also made certain adjustments
to its personnel.
On November 23, 2022, Guan Dongmei was appointed as Vice President of AstraZeneca China, Head of Cardiovascular, Renal and Metabolic Business Unit, and as a member of the China management team, she directly reported
to Lai Minglong, General Manager of AstraZeneca China.
After officially taking over AstraZeneca's business in cardiovascular, renal and metabolic therapy in China, Guan Dongmei focused on AstraZeneca's whole-course management and innovative solutions
in the field of chronic disease treatment.
Some people believe that if a company's performance growth mainly comes from asset acquisition, rather than internal development, once the acquisition is stopped, the appearance of its performance growth will also be broken
.
The end of the closing process is also a new beginning in the merger and acquisition, and the next step for AstraZeneca is to integrate the acquiring company more harmoniously with itself
.
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