AstraZeneca, a global pharmaceutical company, has announced that it will acquire CinCor Pharma (CINC), a U.S.-based biotech firm that develops treatments for hypertension and chronic kidney disease and manufactures a blood pressure medication. The deal, which could be worth up to $1.8 billion, includes an upfront payment of $1.3 billion and an offer price of $26 per share: 121% premium on CinCor's closing price on Friday.
This offer is above CinCor's initial public offering price of $16 and as mentioned above more than double its closing price on Friday. However, it's lower than its record high of over $43 last summer.
As a result of the announcement, CinCor's shares rose 137% in pre-market trading on Monday, reaching $28.01 per share.
