The acquisition will provide AstraZeneca with access to global rights to baxdrostat, CinCor’s novel aldosterone synthase inhibitor drug candidate, currently in development for lowering blood pressure
The Discovery Centre overhead view. (Credit: AstraZeneca)
British pharmaceutical company AstraZeneca has signed a definitive agreement to acquire US-based biopharmaceutical company CinCor Pharma, for up to $1.8bn.
CinCor is focused on developing novel treatments that target resistant and uncontrolled hypertension, along with chronic kidney disease.
Under the terms of the agreement, the British drugmaker will make an offer to purchase all the outstanding shares of CinCor at a price of $26 per share in cash, at closing.
The company will also issue a non-tradable contingent value right of $10 per share in cash payable upon a specified regulatory submission of a baxdrostat product.
The acquisition also includes the cash and marketable securities on CinCor’s balance sheet, which totals about $522m as of 30 September 2022.
The closing of the tender offer is subject to certain conditions, including the tender of the majority of CinCor’s outstanding shares, and other customary regulatory clearances.
Upon completion of the tender offer, AstraZeneca’s acquisition subsidiary will be merged with and into CinCor, and any remaining shares will be converted into the right.
The acquisition is expected to close in the first quarter of 2023, subject to the satisfaction of the conditions in the merger agreement
CinCor CEO Marc de Garidel said: “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.”
AstraZeneca said that the acquisition will strengthen its cardiorenal pipeline with baxdrostat, CinCor’s aldosterone synthase inhibitor (ASI) drug for lowering blood pressure.
Baxdrostat is a highly selective, oral small-molecule inhibitor of aldosterone synthase, the enzyme responsible for the synthesis of aldosterone in the adrenal gland
It is currently in development for patients with significant unmet medical needs, including treatment-resistant hypertension, primary aldosteronism and chronic kidney disease.
Furthermore, the acquisition also provides a potential opportunity for combination with Farxiga, along with additional benefits across cardiorenal diseases, said AstraZeneca.
AstraZeneca biopharmaceuticals R&D executive vice president Mene Pangalos said: “Acquiring CinCor supports our commitment to cardiorenal disease and further strengthens our pipeline with baxdrostat.
“Excess levels of aldosterone are associated with hypertension and several cardiorenal diseases, including chronic kidney disease and coronary artery disease and being able to effectively reduce this would offer a much-needed treatment option for these patients.”