How HALO Slip Proved Costly For CinCor In AstraZeneca Talks

Buyout Price Slashed After Baxdrostat Fail

24 Jan 2023

Hindsight is a wonderful thing but the saga of AstraZeneca's acquisition of CinCor is an eye-opener as SEC filings reveal that a $60 per share offer was rejected in September before a $26 bid won the day earlier this month.

Timing is everything when it comes to deal-making and while CinCor Pharma, Inc. sealed what at first glance looked a good price from acquirer AstraZeneca PLC earlier this month, it has emerged that the US biotech's management turned down significantly higher offers just a few months ago.

On the opening day of the J.P. Morgan Healthcare Conference on 9 January, AstraZeneca announced that it would pay $26 per share in cash plus a contingent value right of...

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