European drugmakers including AstraZeneca pony up for U.S.-listed biopharmas

European drugmakers on Monday announced a trio of deals around a billion dollars each to buy U.S.-listed biopharmas at hefty premiums.

Anglo-Swedish AstraZeneca
AZN,
+1.42%

 
AZN,
-1.26%

said it’s paying up to $1.8 billion for CinCor Pharma, a maker of a blood pressure medication. It’s offering $26 per share in cash, plus as much as another $10 per share if it’s able to make a Food and Drug Administration submission for a product based on baxdrostat drug in development for hypertension as well as chronic kidney disease.

CinCor
CINC,
+0.43%

shares surged 137% to $28.01 per share.

Another deal saw Italy’s Chisi Farmaceutici agree to pay up to $1.5 billion for Amryt Pharma, a maker of drugs for rare diseases. Terms call for at least $14.50 per share in cash for each of Amryt, plus another $2.50 depending on milestones for its Filsuvez product, which treats a skin disease.

Amryt
AMYT,
-2.78%

shares leaped 112% to $14.81 in premarket trade.

France’s Ipsen
IPN,
+0.39%

meanwhile agreed to buy liver drug maker Albireo Pharma for at least $952 million, or $42 per share plus another $10 per share if the FDA approves its Bylvay drug.

Albireo
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-0.78%

shares gained 92% to $43.90.

Source: https://www.marketwatch.com/story/european-drugmakers-including-astrazeneca-pony-up-for-u-s-listed-biopharmas-11673265529?siteid=yhoof2&yptr=yahoo