AstraZeneca Acquires CinCor Pharma
CinCor Pharma, Inc. has announced that it has signed a definitive agreement with AstraZeneca, according to which AstraZeneca has agreed to acquire CinCor.
Marc de Garidel, Chief Executive Officer of CinCor, commented: “We are excited about the proposed acquisition of CinCor Pharma by AstraZeneca as we believe it offers the prospect of accelerating the development timeline and expanding the breadth of benefits patients with cardiorenal diseases might obtain from baxdrostat, if approved.
CinCor is committed to ensuring a smooth transition of the development responsibilities to AstraZeneca once the acquisition is consummated. Thank you to all who have played, and will continue to play, essential roles in developing and evaluating baxdrostat as a potential novel treatment for cardiorenal diseases.”
James Healy, M.D., Ph.D., Chairman of CinCor’s Board of Directors and Managing Partner at Sofinnova Investments, added: “AstraZeneca’s shared commitment to addressing the unmet medical need for patients with hypertension and cardiorenal disease will accelerate CinCor’s mission to develop and deliver life-changing therapies that improve patient care.
The CinCor management team has laid very important scientific and clinical groundwork for the baxdrostat program, including the successful Phase 2 BrigHtn trial that was recently published in the New England Journal of Medicine.
On behalf of CinCor’s Board of Directors, I would like to recognize and thank the CinCor team, scientific advisors and patients for their dedication and contributions to the advancement of the development of baxdrostat.”
The Hart-Scott-Rodino Antitrust Improvements Act of 1976’s waiting period expiring or being terminated, among other customary conditions, as well as the tender of CinCor common stock equal to at least a majority of the company’s outstanding shares, are some of the conditions that must be met before the tender offer can be closed.
CinCor stockholders holding approximately 44.8% of CinCor common stock have entered into a tender and support agreement with AstraZeneca, according to which such stockholders have agreed, among other things, to tender 100% of their shares of CinCor common stock in the tender offer, subject to the terms and conditions of such agreement.
Following the successful completion of the tender offer, AstraZeneca’s acquisition subsidiary will be merged with CinCor, and any remaining shares of common stock of CinCor will be cancelled and turned into the right to receive the same merger consideration (including the contingent value right) per share payable in the tender offer.
CinCor’s Board of Directors has unanimously approved the transaction. Subject to the satisfaction of the conditions in the merger agreement, the acquisition is anticipated to close in the first quarter of 2023.
