By Colin Kellaher
Shares of CinCor Pharma Inc. more than doubled in premarket trading Monday after the clinical-stage biopharmaceutical company agreed to be acquired by Anglo-Swedish pharmaceutical giant AstraZeneca PLC for up to $1.8 billion.
AstraZeneca said it would pay an initial $26 a share in cash for CinCor, roughly 121% above Friday's closing price of $11.78 for the Waltham, Mass., company.
CinCor shareholders also will receive non-tradable contingent value rights worth $10 a share, payable upon a specified regulatory submission of a baxdrostat product, bringing the total potential value of the deal to $36 a share.
The transaction is slated to close in the first quarter.
CinCor shares were recently changing hands at $28.01, up 138%, in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
01-09-23 0728ET