AstraZeneca to Acquire CinCor Pharma

CinCor Pharma signs definitive agreement with AstraZeneca for acquisition CinCor Chief Executive Officer Marc de Garidel stated, "We are very excited about the proposed acquisition of CinCor Pharma by AstraZeneca, as we believe it presents the opportunity to expand the scope of benefits patients with cardiorental diseases could achieve through baxdrostat and to accelerate the development process. Following completion of the acquisition, CinCor is committed to ensuring a seamless transition of product development responsibilities to AstraZeneca. We thank everyone who has played an important role in the development and evaluation of baxdrostat as a new treatment for cardiorental diseases and will continue to do so." CinCor Board Chairman and Sofinnova Investments Managing Partner Dr. James Healy stated: "AstraZeneca's shared commitment to addressing the medical needs of patients with hypertension and cardiorental disease will accelerate CinCor's mission to develop and deliver vital therapies that improve patients' treatment outcomes. The CinCor management team has laid the foundation for critically important scientific and clinical developments for the baxdrostat program, including the Phase 2 BrigHTn trial, which was completed successfully and recently published in the New England Journal of Medicine. On behalf of the CinCor Board, I wish to thank the CinCor team, scientific advisors, and patients for their commitment and contributions to the development and advancement of baxdrostat." Completion of the acquisition offer is subject to a number of conditions, including the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary conditions, as well as common stock representing at least a majority of CinCor's outstanding shares. CinCor shareholders, holding approximately 44.8% of CinCor common stock, have signed a tender and support agreement with AstraZeneca. Pursuant to this agreement, shareholders have agreed to tender 100% of their shares, among other conditions. Following successful completion of the tender offer, AstraZeneca's acquisition subsidiary will be merged with CinCor and CinCor's remaining common shares will be cancelled and converted into the right to purchase the same per-share merger consideration (including contingent value rights) as the offer. The CinCor Board unanimously approved the transaction. Subject to the satisfaction of conditions set forth in the merger agreement, completion of the acquisition is expected in the first quarter of 2023. Source