BABA - Why Is CinCor (CINC) Stock Up 138% Today?
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
CinCor (NASDAQ:CINC) stock is rocketing higher on Monday following news that AstraZeneca (NASDAQ:AZN) is acquiring the company.
The offer from AstraZeneca has it agreeing to a tender offer of $26 per share for CINC stock. To go along with that, the company includes another $10 per share if a certain baxdrostat product gets a specified regulatory submission.
The $26 per share offer represents a total value of $1.3 billion and a 121% premium to CINC stock’s closing price on Friday. Taking into account the extra $10 per share, the deal is worth $1.8 billion and is a 206% premium over its prior closing price.
Marc de Garidel, CEO of CinCor, said the following about the deal.
“We are excited about the proposed acquisition of CinCor Pharma by AstraZeneca as we believe it offers the prospect of accelerating the development timeline and expanding the breadth of benefits patients with cardiorenal diseases might obtain from baxdrostat, if approved.”
Timing of the CINC Stock Deal
AstraZeneca has until Jan. 23, 2023, to initiate its tender offer for all shares of CINC stock. Investors will also note that investors holding 44.8% of the company’s shares have agreed to tender their shares.
According to AstraZeneca, the offer for CINC stock will still need approval from regulators. However, the company isn’t expecting many issues with a closing goal set for the first quarter of 2023.
CINC stock is up 137.7% as of Monday morning.
Investors looking for more of the latest stock market news are in luck!
InvestorPlace has all of the hottest stock market news ready to go for Monday! Among that is what has shares of Bed Bath & Beyond (NASDAQ:BBBY), Alibaba (NYSE:BABA), and Tesla (NASDAQ:TSLA) stock on the move today. You can catch up on all that news at the links below!
More Monday Stock Market News
- Bed Bath & Beyond (BBBY) Stock Surges Despite Bankruptcy Risk
- Alibaba (BABA) Stock Pops as Jack Ma Relinquishes Control of Ant Group
- Legendary Investor Bill Miller Is Betting Big Against Tesla (TSLA) Stock
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More From InvestorPlace
- Buy This $5 Stock BEFORE This Apple Project Goes Live
- The Best $1 Investment You Can Make Today
- Early Bitcoin Millionaire Reveals His Next Big Crypto Trade “On Air”
- It doesn’t matter if you have $500 or $5 million. Do this now.
The post Why Is CinCor (CINC) Stock Up 138% Today? appeared first on InvestorPlace.