Life Science News
AstraZeneca
AstraZeneca announced that it will acquire CinCor Pharma for $1.8 billion in a drugs. This includes a cash payment of $1.3 billion for outstanding shares, which AstraZeneca said is a 121% premium on CinCor's closing market price on January 6th. CinCor has been developing a new drug called Baxdrostat to lower blood pressure and target treatment-resistant hypertension, which will strengthen AstraZeneca's pipeline for treating heart- and kidney-related diseases. As part of the transaction, AstraZeneca will offer CinCor investors $10 per share in cash, on the condition that Baxdrostat gets submitted for regulatory approval. The companies expect the deal to close in the first quarter of 2023.
Italy’s Chiesi is acquiring Irish based Amryt Pharma
Irish-based pharmaceutical company Amryt is being acquired by Italian firm Chiesi Farmaceutici for $1.5bn. Established in 2015, Amryt focuses on rare and orphan diseases and has developed a drug for the rare and painful skin condition epidermolysis bullosa (EB). The value of the transaction is contingent on Amryt meeting certain targets set by Chiesi and is expected to close by the end of June. Chiesi operates in 30 countries with a team of over 6,000 employees and aims to bring innovative medicines to patients with rare conditions.
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Ipsen Is Buying Albireo
Ipsen and Albireo have announced a merger agreement in which Ipsen will acquire Albireo, a company focused on bile-acid modulators to treat pediatric and adult cholestatic liver diseases. The acquisition will expand Ipsen's Rare Disease portfolio and pipeline, including Albireo's clinical stage asset A3907, an oral systemic apical sodium-dependent bile acid transporter (ASBT) inhibitor currently in development for adult cholestatic liver disease, and A2342, an oral systemic sodium-taurocholate co-transporting peptide (NTCP) inhibitor being evaluated for viral and cholestatic diseases. The acquisition is expected to provide immediate incremental sales and strengthen Ipsen's rare disease infrastructure, but will be dilutive to its core operating income until the end of 2024.
Amgen Inc will acquire Horizon Therapeutics PLC for nearly $28 billion in cash
Amgen Inc is acquiring Horizon Therapeutics PLC, a rare disease pharmaceutical company, to strengthen its portfolio and create a buffer as some of its legacy drugs lose patent exclusivity. Horizon accepted an offer of $116.50 per share in cash from Amgen, representing a 47.9% premium on the closing share price before the deal was announced. The acquisition is expected to close early this year, pending regulatory approvals. The Ireland-based Horizon already has 11 prescriptions approved in the United States, and contributed to the company’s $3.23 billion in revenue during the fiscal year 2021.