CinCor (NASDAQ:CINC) stock is rocketing higher on Monday following news that AstraZeneca (NASDAQ:AZN) is acquiring the company.
The offer from AstraZeneca has it agreeing to a tender offer of $26 per share for CINC stock. To go along with that, the company includes another $10 per share if a certain baxdrostat product gets a specified regulatory submission.
The $26 per share offer represents a total value of $1.3 billion and a 121% premium to CINC stock’s closing price on Friday. Taking into account the extra $10 per share, the deal is worth $1.8 billion and is a 206% premium over its prior closing price.
Marc de Garidel, CEO of CinCor, said the following about the deal:
“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.”
Timing of the CINC Stock Deal
AstraZeneca has until Jan. 23, 2023, to initiate its tender offer for all shares of CINC stock. Investors will also note that investors holding 44.8% of the company’s shares have agreed to tender their shares.
According to AstraZeneca, the offer for CINC stock will still need approval from regulators. However, the company isn’t expecting many issues with a closing goal set for the first quarter of 2023.
CINC stock is up 137.7% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.