AstraZeneca to buy CinCor for $1.8B to bolster cardiorenal drug business

AstraZeneca, a British pharmaceutical company, has announced its plans to acquire CinCor Pharma, an American clinical-stage biopharmaceutical company, for approximately $1.8 billion.

The acquisition will enhance AstraZeneca's heart and kidney drug product line. CinCor Pharma primarily develops drugs for the treatment of hypertension and chronic kidney disease.

The acquisition is expected to be completed in the first quarter of 2023, pending the fulfillment of the terms of the M&A transaction.

AstraZeneca will offer investors $26 in cash per CinCor share and a non-tradable interest of $10 per share, subject to the approval of CinCor's drug.