Price Target Changed • Feb 25
Price target increased by 9.3% to US$41.00 Up from US$37.50, the current price target is an average from 4 analysts. New target price is 41% above last closing price of US$29.06. Stock is up 2.0% over the past year. The company is forecast to post a net loss per share of US$2.12 next year compared to a net loss per share of US$32.52 last year. Announcement • Jan 10
Astrazeneca Finance And Holdings Inc. entered into an Agreement and Plan of Merger to acquire CinCor Pharma, Inc. (NasdaqGM:CINC) from a group of shareholders for $1.1 billion. Astrazeneca Finance And Holdings Inc. entered into an Agreement and Plan of Merger to acquire CinCor Pharma, Inc. (NasdaqGM:CINC) from a group of shareholders for $1.1 billion on January 8, 2023. Under the terms of the merger agreement, AstraZeneca is obligated to initiate a tender offer by January 23, 2023 to acquire all of CinCor’s outstanding shares for a price of $26.00 per share in cash at closing plus a non-tradable contingent value right of $10.00 per share in cash payable upon a specified regulatory submission of a baxdrostat product. In case of termination under certain circumstances, CinCor will be required to pay a termination fee of an amount in cash equal to c37,770,000.
The closing of the tender offer is subject to certain conditions, including the tender of shares of CinCor common stock representing at least a majority of the total number of CinCor’s outstanding shares, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary conditions. CinCor’s Board of Directors has unanimously approved the transaction. The board of directors of Astrazeneca have approved this Agreement. CinCor stockholders holding approximately 44.8% of CinCor common stock have entered into a tender and support agreement with AstraZeneca, pursuant to which such stockholders have agreed, among other things, to tender 100% of their shares of CinCor common stock in the tender offer, subject to the terms and conditions of such agreement. Supporting shareholders are Sofinnova Venture Partners X, L.P., Sofinnova Capital IX, 5AM Ventures VI, L.P., 5AM Opportunities I, L.P., 5AM Opportunities II, L.P. and General Atlantic (CIN), L.P. The acquisition is expected to close in the first quarter of 2023.
Centerview Partners LLC is acting as exclusive financial advisor and Rama Padmanabhan, Rowook Park and Div Gupta of Cooley LLP acting as legal advisors to CinCor. Centerview Partners LLC acted as fairness opinion provider to the board of CinCor. Michael Riella of Covington & Burling LLP acted as legal advisor to AstraZeneca Finance and Holdings Inc. Graham Robinson and Laura P. Knoll of Skadden represented Centerview Partners LLC as financial advisor to CinCor Pharma, Inc. Announcement • Nov 29
CinCor Pharma, Inc Announces Topline Data for Phase 2 HALO Trial Evaluating Selective Aldosterone Synthase Inhibitor Baxdrostat in Uncontrolled Hypertension CinCor Pharma, Inc. announced the topline results and completion of its Phase 2 HALO trial evaluating the efficacy and safety of baxdrostat in patients with uncontrolled hypertension taking up to two blood pressure medications at the maximally tolerated doses. Baxdrostat is a once daily potentially first-in-class, highly selective aldosterone synthase inhibitor. While HALO did not achieve statistical significance on its primary endpoint evaluating change from baseline in mean seated systolic blood pressure (SBP) in the intention to treat (ITT) population (n = 249), a pre-specified subgroup analysis of non-Hispanic patients (47%, 116/249) representing approximately 81-89% of the hypertension population in the United States, demonstrated a placebo-adjusted reduction in SBP of 12.6 mmHg (nominal p-value = 0.001) at the 2 mg dose. The safety profile and tolerability of baxdrostat was consistent with previously reported Phase 2 BrigHtn data in resistant hypertension. HALO did not achieve its primary endpoint of statistically significant change from baseline in mean seated SBP versus placebo in the ITT population; however, statistically significant reduction in SBP in the prespecified non-Hispanic subgroup analysis was demonstrated Hispanic or Latino patients represented 53% (133/249) of the ITT population of the study The non-Hispanic population of HALO represented 46% (116/249) of the ITT population in the study but represents approximately 81-89% of the hypertensive population of the U.S. The HALO trial was a Phase 2 randomized, double-blind, placebo-controlled, multicenter, parallel-group, clinical trial designed to assess the safety and efficacy of baxdrostat in subjects taking up to two antihypertensive agents at their maximally tolerated dosages. The trial evaluated three active doses of baxdrostat (0.5 mg, 1.0 mg, and 2.0 mg) compared to placebo control in 249 patients randomized across all four dosing cohorts, with 249 patients completing. The primary endpoint of the trial was the change in SBP after eight weeks of treatment. Background antihypertensive therapy was to be discontinued after these eight weeks, and patients only took baxdrostat at the 2.0 mg dose for four additional weeks in Part 2 of the trial to characterize monotherapy responses and to enable long-term safety assessments of the drug in the ongoing 52-week open label extension study that follows the HALO trial, which is expected to be completed in the second half of 2023. 
