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Today, AstraZeneca announced that it has reached a definitive agreement to acquire CinCor, a U.
S.
-based clinical-stage biopharmaceutical company
Pharma, a company focused on developing new treatments
for refractory and uncontrollable hypertension and chronic kidney disease.
(Background reply "cincor" to get PPT)
Under the terms of the agreement, AstraZeneca will initiate a tender offer to acquire all outstanding shares of CinCor at a purchase price of $26 per share in cash, plus a non-tradable contingent value right of $10 per share, payable upon listing by
the prescribed regulator.
The upfront cash portion of the consideration represents approximately $1.
3 billion in transaction value, representing a 121%
premium to CinCor's closing price on January 6, 2023.
If realized, the prepayment and maximum potential contingent value payments total approximately $1.
8 billion, representing a 206%
premium to CinCor's closing price on January 6, 2023.
As part of the transaction, AstraZeneca will acquire cash and marketable securities on CinCor's balance sheet, which totaled approximately $522 million
as of September 30, 2022.
3 billion in transaction value totaling approximately $1.
8 billion, representing a 206% premium to CinCor's closing price on January 6, 2023
The acquisition will strengthen AstraZeneca's cardio-kidney pipeline by adding CinCor's drug candidate, baxdrostat (CIN-107), an aldosterone synthase inhibitor (ASI) used to lower blood pressure
in patients with treatment-resistant hypertension.
Baxtrostat represents a potentially leading next-generation ASI because it is highly selective for aldosterone synthase and avoids the body's cortisol pathway
.
This opportunity also brings the potential to combine with Farxiga and complements AstraZeneca's strategy to provide additional benefits
in heart and kidney disease with severe unmet medical need.
CinCor was founded
in March 2018.
In 2019, CinCor closed a $50 million Series A funding round, Sofinnova
Investments led the investment, 5AM
Ventures followed suit
.
In October 2021, CinCor closed a $143 million Series B funding round funded by General
Atlantic led the investment, Perceptive Advisors, BVF Partners, venBio Partners, Adage Capital
Management、Omega Funds、Rock Springs Capital、RTW Investments、Lilly Asia Ventures
and Sixty degree
Capital participated in the financing
.
In January 2022, it was listed on NASDAQ at an offering price of $16, offering 12.
1 million shares and raising $192 million
.
in March 2018.
CinCor Completes $50 Million Series A Funding CinCor Completes $143 Million Series B Funding In January 2022, it was listed on NASDAQ at an offering price of $16, offering 12.
1 million shares and raising $192 million
.
Mene, Executive Vice President of Biomedical R&D at AstraZeneca
Pangalos said: "The acquisition of CinCor supports our commitment to heart and kidney disease, and baxdrostat further strengthens our pipeline
.
Excess aldosterone is associated with hypertension and a variety of heart and kidney diseases, including chronic kidney disease and coronary artery disease, and the effective reduction of this condition will provide a much-needed treatment option
for these patients.
”
Marc de Garidel, CEO of CinCor, said: "We are interested in AstraZeneca's acquisition of CinCor
's proposal is excited because we believe that, if approved, CinCor will have the potential to accelerate development time and expand the range of
benefits that patients with heart and kidney disease may receive from baxdrostat.
" CinCor is committed to ensuring a smooth handover of development responsibilities to AstraZeneca
upon completion of the acquisition.
Thank you to all who
have played and continue to play an important role in the development and evaluation of baxdrostat as a potential novel treatment for heart and kidney disease.
”
