CinCor Pharma Acquisition, Valuation, Funding & Investors

CinCor Pharma was acquired by AstraZeneca for $750M in January 2023.

CinCor Pharma acquisition price

$750M

Acquired by AstraZeneca · Jan 2023

Cumulative funding CinCor Pharma raised

$193M

across 2 funding rounds

Key investors in CinCor Pharma

  • General Atlantic
  • Sofinnova Partners
  • 5AM Ventures
  • Sofinnova Investments

CinCor Pharma Overview

About CinCor Pharma

CinCor Pharma is a clinical-stage biopharmaceutical company based in Waltham, Massachusetts. Focused on cardiovascular, renal, and metabolic diseases, its lead program CIN-107, an aldosterone synthase inhibitor, advances in Phase II trials for hypertension and chronic kidney disease under the name Baxdrostat. Founded in 2020 from spinout assets of Roche, CinCor Pharma raised $209 million in IPO proceeds in 2021 and partners with academic centers for biomarker-driven trials.


Founded

2018

HQ

United StatesCincinnati, OH

Website

cincor.com

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$750M (acquired Jan 2023)

CinCor Pharma Acquisition

CinCor Pharma was acquired by AstraZeneca for $750M on 9 January 2023.

Before the acquisition CinCor Pharma had raised $193M across 2 funding rounds.

CinCor Pharma acquisition details
AcquirerDateTypePrice
9 Jan 2023Strategic M&A$750M

CinCor Pharma Funding History

CinCor Pharma has raised a total of $193M across 2 funding rounds.

CinCor Pharma's first fundraising round was a $50M Series A in May 2019. The most recent completed round was a $143M Series B in October 2021.

CinCor Pharma funding rounds

CinCor Pharma funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2021Series BGeneral Atlantic (lead)$143MCinCor Pharma, Inc. is a clinical-stage biopharmaceutical company developing CIN-107, a highly selective oral small molecule inhibitor of aldosterone synthase, for treating hypertension, primary aldosteronism, and chronic kidney disease. On October 12, 2021, the company completed a $143 million Series B financing led by General Atlantic, with participation from new investors Perceptive Advisors, BVF Partners, venBio Partners, Adage Capital Management, Omega Funds, Rock Springs Capital, RTW Investments, Lilly Asia Ventures, and Sixty Degree Capital, plus existing investors Sofinnova Investments, Sofinnova Partners, 5AM Ventures, and CinRx. Jason Pitts, Ph.D., Vice President at General Atlantic, joined CinCor’s Board of Directors. Proceeds from the Series B round supported continued development of CIN-107, including completion of the ongoing brigHTN Phase 2 trial in resistant hypertension patients and the Phase 2 Spark trial in primary aldosteronism, as well as initiation of a new Phase 2 HALO trial in uncontrolled hypertension and a study on CIN-107’s impact on blood pressure and kidney function in CKD patients. By December 31, 2021, CinCor had $136.6 million in cash and cash equivalents from prior financings including this Series B netting $141.9 million, providing runway through 2024 for Phase 2 and 3 programs. Prior to its January 2022 IPO raising $193.2 million in net proceeds at $16 per share, CinCor had raised aggregate funding of about $192.9 million from top life sciences investors. General & administrative expenses rose in 2021 partly due to a $10 million settlement with CinRx involving stock issuance.
May 2019Series ASofinnova Investments (lead); 5AM Ventures; Sofinnova Partners$50MCinCor Pharma, a US-based clinical-stage biopharmaceutical company focused on developing novel treatments for resistant and uncontrolled hypertension and chronic kidney disease, in-licensed aldosterone synthase inhibitor CIN-107 and closed a $50 million Series A financing on May 14, 2019. The round was led by Sofinnova Investments, with participation from Sofinnova Partners and 5AM Ventures. Proceeds were designated to advance CIN-107 through proof-of-concept Phase 2 clinical trials in two indications. CinCor Pharma was founded around 2015 and headquartered in Boston, Massachusetts, with a focus on next-generation treatments for cardiovascular diseases. Maina Bhaman from Sofinnova Partners and David Allison from 5AM Ventures joined the board in conjunction with the financing. Sofinnova Investments specializes in clinical and late preclinical biopharma investments, while 5AM Ventures invests in next-generation biotech companies. The company later raised a $143 million Series B round on October 12, 2021, bringing total funding to $193 million. CinCor went public via IPO and was ultimately acquired by AstraZeneca in February 2023 for approximately $1.3 billion upfront plus a contingent value right potentially bringing the total to $1.8 billion. AstraZeneca acquired CinCor's cash and marketable securities totaling about $500 million at closing.

Who has invested in CinCor Pharma?

4 investors have backed CinCor Pharma across its funding rounds, including General Atlantic, Sofinnova Partners, 5AM Ventures and Sofinnova Investments.

Lead investors include General Atlantic and Sofinnova Investments.


CinCor Pharma Investors

Investors in CinCor Pharma by funding rounds participated
InvestorHQRoundsRoleFirst check
5AM VenturesUnited StatesUnited States1ParticipantMay 2019
Sofinnova PartnersFranceParis1ParticipantMay 2019

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CinCor Pharma Competitors

CinCor Pharma competitors include listed companies like Supriya Lifescience, Nxera Pharma, Sanofi India and DBV Technologies, and private ones like BrightInsight and HAR-KCY.

Public and private companies comparable to CinCor Pharma
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BrightInsightUnited StatesSan Francisco, CAPrivate--$750M-
HAR-KCYUnited StatesLos Angeles, CAPrivate--$750M-
Supriya LifescienceIndiaIndiaPublicly listed$84M$31M$754M7.9x
Nxera PharmaJapanJapanPublicly listed$190M($26M)$744M4.0x
Sanofi IndiaIndiaIndiaPublicly listed$190M$49M$742M3.5x
DBV TechnologiesFranceFrancePublicly listed-($144M)$759M129.8x

CinCor Pharma Public Comps

CinCor Pharma is no longer listed, but its public comps include Supriya Lifescience, Nxera Pharma, Sanofi India, DBV Technologies, Gyre Therapeutics, Pharming, MapLight Therapeutics, Collegium Pharmaceutical, Aarti Pharmalabs and Center Laboratories.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Supriya Lifescience$84M$31M8.9x7.9x24.0x22.8x
Nxera Pharma$190M($26M)5.1x4.0x(37.2x)24.3x
Sanofi India$190M$49M3.7x3.5x14.4x12.5x
DBV Technologies-($144M)-129.8x(4.1x)(4.1x)
Gyre Therapeutics$117M$15M6.4x6.7x49.2x(19.3x)
Pharming$376M$34M1.9x1.9x21.5x20.5x
MapLight Therapeutics-($166M)--(2.6x)(2.1x)
Collegium Pharmaceutical$781M$390M2.2x2.1x4.4x3.8x

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Common questions about CinCor Pharma

When was CinCor Pharma founded?CinCor Pharma was founded in 2018.
Where is CinCor Pharma headquartered?CinCor Pharma is headquartered in Cincinnati, OH, United States.
Is CinCor Pharma publicly listed?No, CinCor Pharma was acquired by AstraZeneca in January 2023.
Who acquired CinCor Pharma?CinCor Pharma was acquired by AstraZeneca in January 2023.
How much was CinCor Pharma acquired for?CinCor Pharma was acquired for $750M in January 2023.
How much funding has CinCor Pharma raised?CinCor Pharma has raised $193M across 2 funding rounds.
What was CinCor Pharma's last funding round?CinCor Pharma's last funding round was a $143M Series B in October 2021, led by General Atlantic.
Who are CinCor Pharma's investors?CinCor Pharma's investors include 5AM Ventures, Sofinnova Partners, General Atlantic and Sofinnova Investments.
Which companies are comparable to CinCor Pharma?Companies comparable to CinCor Pharma include BrightInsight, HAR-KCY, Supriya Lifescience, Nxera Pharma, Sanofi India and DBV Technologies.

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