AstraZeneca Acquires US Pharma Company Synco for 2.2 Trillion Won

AstraZeneca headquarters building in Sydney, Australia. Photo by EPA/Yonhap

[Asia Economy Reporter Kim Heeyoon] AstraZeneca announced on the 9th (local time) that it will acquire the US biotechnology startup CINCOR PHARMA INC for up to $1.8 billion (2.24 trillion KRW).

According to MarketWatch, the UK-Sweden joint venture AstraZeneca agreed to acquire all outstanding shares of CINCOR PHARMA in cash at $26 per share through a public tender offer.

CINCOR PHARMA is developing Baxdrostat, a new drug targeting various diseases such as hypertension and chronic kidney disease.

Through this acquisition, AstraZeneca is expected to add Baxdrostat to its diabetes treatment drug Farxiga to target the related market.

Farxiga, developed by AstraZeneca and approved in 2014 as a treatment for type 2 diabetes, is a sodium-glucose co-transporter-2 (SGLT2) inhibitor class diabetes drug. It lowers blood sugar by causing excess glucose to be excreted through urine from the kidneys.

Farxiga, which was also approved by the FDA to reduce the risk of hospitalization for kidney and heart failure, has seen significant sales growth, but it is expected to face competition from generics as early as next year.

AstraZeneca has recently been strengthening its cancer treatment sector. Previously, in 2021, it acquired the US rare and intractable disease specialist pharmaceutical company Alexion for $39 billion.

AstraZeneca stated, "With this acquisition securing Baxdrostat, a blood pressure lowering agent for treatment-resistant hypertension, the company’s cardiovascular and renal pipeline is strengthened."

This content was produced with the assistance of AI translation services.