AstraZeneca to buy U.S.-based CinCor Pharma in $1.8 billion deal

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(Reuters) - AstraZeneca (NASDAQ:AZN) said on Monday it will buy U.S.-based clinical-stage biopharmaceutical firm CinCor Pharma Inc in a deal valued at about $1.8 billion to strengthen its pipeline of heart and kidney drugs.

AstraZeneca said it will pay $26 per CinCor share in cash, a premium of nearly 121% to the stock's closing price on Friday.

The offer also includes a non-tradable contingent value right of $10 per share in cash payable upon a specified regulatory submission of CinCor's baxdrostat, which is being developed to treat cardiorenal diseases.

Including this, the offer represent a 206% premium to CinCor's shares close on Friday.