AstraZeneca to buy US-based biopharmaceutical firm Cincor in $1.8 bln deal

AstraZeneca announced that it will spend around $1.8 billion to acquire the clinical-stage biopharmaceutical company CinCor Pharma Inc., based in the United States, in order to expand its line of heart and kidney medications. Approximately 121 percent more than the stock's closing price on Friday, AstraZeneca announced it will pay $26 each CinCor share in cash.

Additionally, CinCor's baxdrostat, which is being developed to treat cardiorenal disorders, is included in the offer as a non-tradable contingent value right with a cash payment of $10 per share due upon a specific regulatory submission.. Including this, the offer represent a 206 per cent premium to CinCor's shares to close.