AstraZeneca wraps up $1.8bn acquisition of CinCor Pharma

AstraZeneca has closed the previously announced $1.8 billion acquisition of US biopharmaceutical company CinCor Pharma.

Under the terms of the agreement, AstraZeneca acquired all outstanding shares as well as the cash and marketable securities of CinCor Pharma for approximately $1.3bn upfront and around $500 million, respectively.

Last month, AstraZeneca announced a definitive agreement to acquire CinCor Pharma.

With the acquisition, AstraZeneca anticipates to increase its cardiorenal portfolio by adding baxdrostat (CIN-107), an aldosterone synthase inhibitor that lowers blood pressure in patients with resistant hypertension.

Founded in 2018, CinCor Pharma develops new treatments for resistant and uncontrolled hypertension as well as chronic kidney disease.

AstraZeneca closes $1.8bn acquisition of CinCor Pharma. Photo courtesy of AstraZeneca.

CinCor Pharma’s lead asset baxdrostat (CIN-107) is in clinical development for the treatment of hypertension and primary aldosteronism.

The transaction also brings the potential for combination with Farxiga and complements AstraZeneca’s strategy to provide added benefit across cardiorenal diseases.

CinCor Pharma will soon stop trading on the Nasdaq and will terminate its registration under the US Securities Exchange Act of 1934 following completion of the acquisition.

Centerview Partners served as exclusive financial advisor and Cooley acted as legal advisor to CinCor Pharma while Covington & Burling served as legal advisor to AstraZeneca in connection with the transaction.

In 2023, AstraZeneca also completed the acquisition of Neogene Therapeutics, a next-generation T-cell receptor manufacturer, for an initial payment of $200m and an additional up to $120m contingent milestone-based and non-contingent consideration.