CinCor, Albireo each received higher bids in 2022 before this month’s M&A deals

New regulatory disclosures Monday revealed that CinCor and Albireo each accepted smaller M&A offers after receiving substantially larger bids last year, underscoring the strength of the shift toward a buyer’s market in recent months.

In September, AstraZeneca plc (LSE:AZN; NASDAQ:AZN) proposed a deal for CinCor Pharma Inc. (NASDAQ:CINC) in which it would pay $60 per share, plus a $6-per-share contingent value right. CinCor held out for a higher price, but a subsequent trial readout contributed to a fall in its share price, allowing AstraZeneca to acquire the biotech for $26 per share plus a $10 CVR in a deal announced this month...