AstraZeneca’s new deal is smarter than it looks, writes aimeedonnellan
for up to $1.8 billion. Yet paying $26 in cash per CinCor share and an extra $10 per share if a key drug is submitted for regulatory approval represents a 206% bump to CinCor’s closing share price on Friday. That’s around four times the average premium on recent industry deals.of over half a trillion dollars to splurge on knock-down biotech stocks this year. Hence the question is more whether he’s justified in paying up to bulk up in cardiovascular and renal drugs.
The answer is arguably yes. Cardiovascular and renal drugs accounted for 22% of the company’s $37 billion revenue in 2021. That’s less than the 36% supplied by Astra’s thriving oncology unit, but a key business to nurture nonetheless. Last October, CinCor’s shares were trading at around $35 a share, roughly the value of Soriot’s offer.
because of bad vibes associated with a failed trial for one of the company’s key drugs. If the next trial goes better, Astra’s deal may not look so toppy. Taiwanese satellites signal Asia’s distrust of Musk
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