AstraZeneca Commencs Tender Offer To Buy CinCor Pharma

(RTTNews) - British drug major AstraZeneca Plc. (AZN.L, AZN) Monday said it is commencing a tender offer to buy all shares of CinCor Pharma, Inc. (CINC), a US-based clinical-stage biopharmaceutical company.

The acquisition is 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 baxdrostat product.

It was on January 9 that AstraZeneca announced that it had entered into a definitive agreement to acquire CinCor. Following the successful closing of the tender offer, CinCor will become a subsidiary of AstraZeneca.

The tender offer will expire at one minute past 11:59 p.m. Eastern Time, on February 23, unless extended or earlier terminated.

The closing of the tender offer is subject to certain conditions, including the tender of shares representing at least one more than 50% of the total number of CinCor's outstanding shares, receipt of applicable regulatory approvals, and other customary conditions.

The transaction is expected to close in the first quarter of 2023.