CinCor Pharma

01 / WHAT IT BUILT

What the company did

CinCor Pharma was a Waltham, Massachusetts-based clinical-stage biopharmaceutical company focused on developing drugs for resistant and uncontrolled hypertension as well as chronic kidney disease. Its lead candidate was baxdrostat (CIN-107), an oral small-molecule inhibitor of aldosterone synthase — a potentially leading next-generation aldosterone synthase inhibitor that lowers aldosterone without affecting cortisol. In its BrigHtn Phase 2 trial, baxdrostat demonstrated a statistically significant lowering of systolic blood pressure in patients with treatment-resistant hypertension, with Phase 1 trials showing no serious adverse events. Having raised about $418 million, the company was acquired by AstraZeneca: the deal was announced in January 2023 at a 121% premium and completed in early March 2023 through a tender offer of about $1.3 billion upfront, plus a non-tradable contingent value right payable on a regulatory submission — a combined value of up to about $1.8 billion. CinCor's shares were delisted from Nasdaq, and baxdrostat joined AstraZeneca's cardiorenal portfolio alongside Farxiga.

03 / EVENT HISTORY

Events in the structured record

1. 2022
   Phase 2 success

   In the BrigHtn Phase 2 trial, baxdrostat demonstrated statistically significant lowering of systolic blood pressure in treatment-resistant hypertension; Phase 1 trials showed no serious adverse events.

2. 2023
   Acquired by AstraZeneca

   In January 2023 AstraZeneca announced the acquisition at a 121% premium; completed in early March 2023 via tender offer at about $1.3 billion upfront plus a contingent value right on a regulatory submission, for a combined value of up to about $1.8 billion. CinCor was delisted from Nasdaq and baxdrostat joined AstraZeneca's cardiorenal portfolio.