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© Reuters. FILE PHOTO: The logo for AstraZeneca is seen outside its North America headquarters in Wilmington, Delaware, U.S., March 22, 2021. REUTERS/Rachel Wisniewski
(Reuters) – AstraZeneca (NASDAQ:) said on Monday it will buy U.S.-based clinical-stage biopharmaceutical firm CinCor Pharma Inc in a deal valued at about $1.8 billion to strengthen its pipeline of heart and kidney drugs.
AstraZeneca said it will pay $26 per CinCor share in cash, a premium of nearly 121% to the stock’s closing price on Friday.
The offer also includes a non-tradable contingent value right of $10 per share in cash payable upon a specified regulatory submission of CinCor’s baxdrostat, which is being developed to treat cardiorenal diseases.
Including this, the offer represent a 206% premium to CinCor’s shares close on Friday.
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