Three months after selling CinCor and its hypertension drug to AstraZeneca for up to $1.8 billion in cash, Marc de Garidel is back in a new CEO role.
AstraZeneca finalized its acquisition of CinCor Pharma, Inc., a U.S.-based clinical-stage biopharmaceutical company focused on developing novel treatments for resistant and uncontrolled hypertension as well as chronic kidney disease. The acquisition was completed through a tender offer to purchase all outstanding shares of CinCor for approximately $1.3 billion upfront.
CinCor Pharma Announces Receipt of Minutes from End-of-Phase 2 Meeting with the U.S. Food and Drug Administration on Planned Phase 3 Program of Baxdrostat
AstraZeneca kicked off this year’s J.P.Morgan Healthcare Conference in style, announcing a $1.8 billion deal that gave it ownership of CinCor Pharma and its mid-phase hypertension drug baxdrostat. But while Fierce Biotech reported at the time that AstraZeneca was able to exploit CinCor’s deflated share price, that was only part of the story.
CinCor scored a $1.8 billion buyout deal with AstraZeneca earlier this month, but according to recently released documents, it almost walked away from the deal table with much more than that.
WILMINGTON, Del.--(BUSINESS WIRE)--AstraZeneca is commencing today, through a subsidiary, a tender offer to purchase all outstanding shares of CinCor Pharma, Inc. (CinCor), for $26 per share in cash at closing, plus a non-tradable contingent value right of $10 per share in cash payable upon a specified regulatory submission for a baxdrostat product. On 9 January 2023, AstraZeneca announced that it had entered into a definitive agreement to acquire CinCor. Following the successful closing of the tender offer, CinCor will become a subsidiary of AstraZeneca.
AstraZeneca has entered into a definitive agreement to acquire CinCor Pharma, Inc. (CinCor), a US-based clinical-stage biopharmaceutical company, focused on developing novel treatments for resistant and uncontrolled hypertension as well as chronic kidney disease.
CinCor Pharma to be Acquired by AstraZeneca
CinCor Pharma is clinging to subgroup analysis despite its mid-stage hypertension study missing its primary endpoint in hopes of advancing the candidate to a phase 3 trial.
Primary endpoint in Intention to Treat (ITT) was not met despite large absolute reductions in Systolic Blood Pressure (SBP) 12.6 mmHg placebo-adjusted reduction in SBP with 2 mg baxdrostat in a...