Vertex to acquire Crinetics for about $10 billion
Vertex Pharmaceuticals said on July 6 it would acquire Crinetics Pharmaceuticals for $85.00 per share in cash, an all-cash deal valued at about $10 billion, or roughly $8.8 billion net of Crinetics’ cash. Both boards approved the transaction unanimously, and it is expected to close in the third quarter of 2026, subject to regulatory clearance and a vote of Crinetics shareholders.
The acquisition gives Vertex control of Palsonify (paltusotine), a once-daily oral therapy for acromegaly — a rare disorder caused by a pituitary tumor that overproduces growth hormone — that won FDA approval in September 2025 and was recently cleared in Europe. Vertex said the combined endocrine assets could reach more than $5 billion in peak annual revenue, though it does not expect the deal to add to non-GAAP operating income until 2029.
The purchase extends Vertex’s push beyond its core cystic fibrosis franchise and lands amid a busy stretch of biotech dealmaking. Vertex plans to fund the purchase with cash and debt, backed by $4.5 billion in committed bridge financing from Bank of America and Morgan Stanley.