Biotech bargains abound.
AstraZeneca on Monday announced plans to buy CinCor Pharma, a Boston-based biopharma focused on hypertension and chronic kidney disease, for upwards of $1.8 billion.This reflects the symbiotic mashup of falling biotech stock prices, and incumbent drugmakers needing to refresh portfolios as top-sellers fall off the patent cliff.AstraZeneca will pay $1.3 billion in cash, or $26 per share , plus up to $500 million in contingent payments.
CinCor went public in early 2022, and major shareholders still include Sofinnova Ventures , 5AM Ventures , Sofinnova Partners and General Atlantic .
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