CinCor Pharma, Inc.

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Ademi LLP is investigating CinCor (Nasdaq: CINC) for possible breaches of fiduciary duty and other violations of law in its transaction with AstraZeneca.

Ademi LLP alleges CinCor’s financial outlook and prospects are excellent and yet CinCor shareholders will receive only $26 per share in cash at closing plus a non-tradable contingent value right of $10 per share in cash payable upon a specified regulatory submission of a baxdrostat product. The transaction agreement unreasonably limits competing bids for CinCor by imposing a significant penalty if CinCor accepts a superior bid. CinCor insiders will receive substantial benefits as part of change of control arrangements.