AstraZeneca has agreed to buy US biotech CinCor in a deal worth up to $1.8bn, as it seeks to expand its pipeline of heart and kidney drugs.
The Anglo-Swedish drugmaker will pay $26 a share, 121 per cent more than CinCor’s $11.78 closing price on Friday. If all the milestones are met, the $1.8bn price would be at a 206 per cent premium.
CinCor suffered a sell-off in November after a phase 2 trial for baxdrostat, a novel treatment that can lower blood pressure, failed to prove that it worked in patients with uncontrolled hypertension.
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