CinCor Pharma, Inc. (NASDAQ: CINC) is a clinical-stage biopharmaceutical company, which is focused on the research and development of treatments for cardio-renal diseases. Shares of the biopharma company are skyrocketing 139% through early trading on Monday, January 9, 2023. Over the past three months, CinCor Pharma has seen average daily volume of 412,980 shares. However, volume of 5.93 million shares or dollar volume of around $166.22 million, has already exchanged hands through early trading.
Shares of CinCor Pharma are surging after the company announced it has entered into a definitive agreement to be acquired by AstraZeneca (NASDAQ: AZN) for a total value of $1.3 billion. Under the terms of the deal, AstraZeneca will initiate a tender offer by January 23, 2023 to acquire all outstanding shares of CinCor at a price per share of $26.00 and a contingent value right of $10.00 per share payable upon regulatory submission of a baxdrostat product. The total transaction with the CVR would be approximately $1.8 billion.
The transaction is subject to customary closing conditions and regulatory approvals. CinCor Pharma shareholders have entered into a tender and support agreement with AstraZeneca; where shareholders have agreed to tender 100% of their shares subject to the terms and conditions of the agreement.
Upon closing of the transaction, CinCor Pharma will become a subsidiary of AstraZeneca. Overall, the deal is estimated to close during the first quarter of 2023.
Marc de Garidel, Chief Executive Officer at CinCor: “We are excited about the proposed acquisition of CinCor Pharma by AstraZeneca as we believe it offers the prospect of accelerating the development timeline and expanding the breadth of benefits patients with cardiorenal diseases might obtain from baxdrostat, if approved. CinCor is committed to ensuring a smooth transition of the development responsibilities to AstraZeneca once the acquisition is consummated. Thank you to all who have played, and will continue to play, essential roles in developing and evaluating baxdrostat as a potential novel treatment for cardiorenal diseases.”
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