about 7 hours ago • 1:33 min
AstraZeneca agreed to buy US drugmaker CinCor on Monday, infusing some life into the ailing firm.
What does this mean?
CinCor has been having a hard time. Back in November, work on its flagship blood pressure drug baxdrostat hit a rough patch, with a disappointing trial triggering an investor tizzy that knocked shares down over 50%. That kerfuffle got AstraZeneca’s attention, though, and the pharma giant swept in with an offer to buy the US biotech company for $26 a share on Monday – a cool 121% more than the stock was worth just last Friday, bringing the value of the deal to $1.3 billion. And get this: CinCor shareholders will get an extra $10 per sha