AstraZeneca starts tender offer to acquire CinCor
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AstraZeneca (NASDAQ:AZN) began a tender offer for its up to $1.8B acquisition of CinCor Pharma (NASDAQ:CINC).
The British pharma giant will acquire all outstanding shares of 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 blood pressure lowering therapy baxdrostat.

The tender offer will expire at one minute past 11:59 p.m. Eastern Time on Feb. 23.
Earlier in January, AstraZeneca announced that it was acquiring blood pressure and kidney disease drug developer CinCor.
Through the acquisition, AstraZeneca aims to bolster its cardiorenal pipeline by adding CinCor's drug baxdrostat (CIN-107) for blood pressure lowering in treatment-resistant hypertension.
The closing of the tender offer is subject to conditions, including the tender of more than 50% of CinCor's shares and regulatory approvals.
The transaction is expected to close in Q1 2023 after which CinCor will become a subsidiary of AstraZeneca.
AZN -0.55% to $68.77 premarket Jan. 23