AstraZeneca's CinCor Acquisition Looks a Good Fit

0832 GMT - AstraZeneca's acquisition of U.S.-based biotech company CinCor for an aggregate consideration of up to $1.8 billion looks like a good deal at first glance and strengthens its cardiorenal competencies, Shore Capital says. The Anglo-Swedish pharma giant's acquisition centers around CinCor's lead asset baxdrostat, a Phase 3-ready drug being developed for treatment-resistant hypertension, an interesting asset that should fit well within AstraZeneca's existing franchise, Shore analysts Susie Jana and Sean Conroy say in a research note. "Notably, this brings the opportunity for AstraZeneca to develop combinations with [current cardiorenal asset] Farxiga and could be something to potentially help it to navigate Farxiga's loss of exclusivity," the investment group says. Shore retains a fair value of GBP127 a share on AstraZeneca's stock. (joseph.hoppe@wsj.com) 


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01-09-23 0354ET