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Covington Represents AstraZeneca on $1.8B Acquisition of CinCor Pharma

Press Release January 9, 2023

WASHINGTON—Covington represented AstraZeneca in its definitive agreement to acquire CinCor Pharma, Inc., a U.S.-based clinical-stage biopharmaceutical company, focused on developing novel treatments for resistant and uncontrolled hypertension as well as chronic kidney disease.

Under the terms of the agreement, AstraZeneca will initiate a tender offer to acquire all of CinCor’s outstanding shares for a price of $26 per share in cash at closing, plus a non-tradable contingent value right of $10 per share in cash payable upon a specified regulatory submission of a baxdrostat product. Combined, the upfront and maximum potential contingent value payments represent, if achieved, a transaction value of approximately $1.8 billion.

The Covington team included Mike Riella, Drew Fischer, Alicia Zhang, Andrew Young, and Jasjit Grewal (M&A), Robert Newman and Megan Woodford (employee benefits), James Dean and James Marshall (antitrust), Amy Toro (life sciences), Melody Wu and Marie Lavalleye (intellectual property), Guy Dingley and Ansgar Simon (tax), Michael Stern and Robin Blaney (regulatory), Mark Gimbel (litigation), and Heather Haberl (real estate).

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