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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,
AZN,
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,
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,
shares leaped 112% to $14.81 in premarket trade.
France’s Ipsen
IPN,
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
ALBO,
shares gained 92% to $43.90.
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