Today, AstraZeneca, through a subsidiary, begins a tender offer to purchase all outstanding shares of CinCor Pharma, Inc. (CinCor) for a combined $36 per share – $26 in cash at closing and a non-tradable contingent value right of $10 per share in cash, should a baxdrostat product be successfully submitted for regulatory approval. On 9 January 2023, the two companies announced their definitive agreement, and upon successful completion of the tender offer, CinCor will become a subsidiary of AstraZeneca.
Today, AstraZeneca takes a major step towards strengthening its position in the pharmaceuticals industry with the filing of a tender offer statement on Schedule TO with the U.S. Securities and Exchange Commission. CinCor follows suit with the filing of a solicitation/recommendation statement on Schedule 14D-9, recommending that its stockholders accept the tender offer and tender their shares. This move promises to be a game-changer in the industry.
The clock is ticking on the tender offer for CinCor’s outstanding shares! Unless extended or terminated, the offer will expire at one minute past 11:59 p.m. Eastern Time on 23 February 2023. To complete the transaction, shareholders must tender at least one more than 50% of the total number of CinCor’s outstanding shares and meet other customary conditions, including receipt of applicable regulatory approvals. If everything goes according to plan, the transaction is expected to close in the first quarter of 2023. Don’t wait – act now!