$1.8 billion purchase from AstraZeneca

AstraZeneca announced that it has reached an agreement to acquire US biotech CinCor Pharma for $1.8 billion. AstraZeneca Plc announced that it will acquire US biotech CinCor Pharma Inc. for $1.8 billion to expand into the hypertension and kidney disease field. The company said in a statement that the deal will be worth $26 per share. This figure will be more than double CinCor's closing price of $11.78 per share on Friday. It was also stated that the agreement will include a non-tradable rights acquisition of $10 per share. It was announced that the deal in question is Astra's largest since it acquired Alexion in 2021. On the other hand, it was stated that Baxdrostat is designed to reduce the enzymes that create aldosterone, a hormone related to high blood pressure, and will enter the most advanced stage of clinical trials in the first half.