1038 GMT - AstraZeneca is among the most mentioned topics across news items over the past three hours, according to Factiva data, after its acquisition of CinCor Pharma Inc. for up to $1.8 billion. The acquisition, which is expected to close in the first quarter of 2023, gives the Anglo-Swedish pharma giant the global rights to CinCor's baxdrostat cardiorenal drug. The acquisition looks like a good deal at first glance and strengthens AstraZeneca's cardiorenal competencies, Shore Capital says. "Notably, this brings the opportunity for AstraZeneca to develop combinations with [current cardiorenal asset] Farxiga and could be something to potentially help it to navigate Farxiga's loss of exclusivity," Shore analysts Susie Jana and Sean Conroy say in a research note. The pharma giant has timed the deal well as biotech companies suffered sharp valuation slides in 2022, prompting the opportunity for potential buyers to pounce on merger and acquisitions targets with discounted price tags, Interactive Investor's head of investment Victoria Scholar says in a market comment. Dow Jones & Co. owns Factiva. (ian.walker@wsj.com)

(END) Dow Jones Newswires

January 09, 2023 05:53 ET (10:53 GMT)

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