AstraZeneca has successfully acquired CinCor Pharma, a clinical-stage biopharmaceutical company based in the US that specializes in developing treatments for resistant and uncontrolled hypertension as well as chronic kidney disease. The acquisition strengthens AstraZeneca's cardiorenal pipeline by adding baxdrostat (CIN-107), an aldosterone synthase inhibitor (ASI) for blood pressure lowering in treatment-resistant hypertension, to its cardiorenal portfolio. Baxdrostat is a highly selective ASI for aldosterone synthase that spares the cortisol pathway in humans, making it a potential leading next-generation ASI. Additionally, the acquisition provides an opportunity for combination with Farxiga and complements AstraZeneca's strategy to address unmet medical needs in cardiorenal diseases. The acquisition was completed through a tender offer, with AstraZeneca acquiring all outstanding shares of CinCor for approximately $1.3 billion upfront, along with CinCor's cash and marketable securities totaling approximately $500 million.
CinCor shareholders also received a non-tradable contingent value right, payable upon a specified regulatory submission of a baxdrostat product. The upfront and contingent value payments represent a potential transaction value of approximately $1.8 billion. As of the expiration of the tender offer, 39,580,275 shares of CinCor were validly tendered and accepted for payment, representing approximately 86.3% of the outstanding shares of common stock of CinCor. Following completion of the acquisition, CinCor's shares will be delisted from the Nasdaq Stock Market, and CinCor will terminate its registration under the U.S. Securities Exchange Act of 1934 as soon as practicable.
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