Vertex Pharmaceuticals has agreed to acquire Crinetics Pharmaceuticals for approximately $10 billion in cash, paying $85 per share, representing about a 102% premium over Crinetics’ closing price of $42.03 on the prior trading day.
The deal is the largest acquisition in Vertex’s history and is expected to close in the third quarter of 2026, with Crinetics’ stock surging over 100% in after‑hours trading.
Through the acquisition, Vertex is entering the specialty endocrinology (or rare endocrine) space, gaining immediate access to Palsonify (paltusotine), the first once‑daily oral therapy approved for adults with acromegaly, and atumelnant, a late‑stage once‑daily oral ACTH receptor antagonist for congenital adrenal hyperplasia (CAH) with additional potential in Cushing’s syndrome.
Together, Palsonify and atumelnant are projected to generate more than $5 billion in combined peak annual sales, marking what analysts describe as a "white space blockbuster" opportunity and giving Vertex a second major growth engine beyond its cystic fibrosis franchise.
Vertex will fund the deal with cash on hand and $4.5 billion in fully committed bridge financing from Bank of America and Morgan Stanley, with the acquisition expected to be accretive to adjusted operating income starting in 2029.
Sources:
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