CinCor Pharma, a Phase 2 biotech developing oral treatments for hypertension and cardio-renal diseases, announced terms for its IPO on Monday.
The Boston, MA-based company plans to raise $176 million by offering 11 million shares at a price range of $15 to $17. At the midpoint of the proposed range, CinCor Pharma would command a fully diluted market value of $594 million.
The company's lead candidate, CIN-107, has been designed to use a differentiated mechanism of action, direct inhibition of aldosterone synthase production, with the goal of providing an improved treatment for patients suffering from hypertension, or high blood pressure. In 2021, CinCor Pharma initiated several different trials for patients suffering from hypertension as well as primary aldosteronism, or PA. The company is also exploring its utility in ameliorating complications of chronic kidney disease, or CKD, with plans to initiate trials in the first half of 2022.
CinCor Pharma was founded in 2018 and plans to list on the Nasdaq under the symbol CINC. Morgan Stanley, Jefferies, and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of January 3, 2022.
