Vertex Pharmaceuticals NASDAQ:VRTX fell 0.30% in premarket after the cystic fibrosis and pain drug maker announced an all-cash acquisition of Crinetics Pharmaceuticals NASDAQ:CRNX, a San Diego-based specialty endocrinology company, for $85 per share, or $10 billion in equity value and $8.8 billion net of cash. Both boards approved the deal unanimously. Vertex will fund it from existing cash and $4.5 billion in committed bridge financing, with closing expected in Q3 2026. Crinetics shares rose 99%.
The deal adds two assets to Vertex's portfolio. PALSONIFY is the first and only once-daily oral therapy for acromegaly, a rare growth hormone disorder affecting roughly 20,000 U.S. patients. Atumelnant is an oral ACTH receptor antagonist in Phase 2/3 for congenital adrenal hyperplasia, a rare genetic disease affecting approximately 17,000 U.S. patients.
Vertex projects combined peak annual revenue potential of more than $5 billion from the two assets and expects the acquisition to become accretive to non-GAAP operating income in 2029. The deal adds a fifth disease pillar (endocrinology) alongside cystic fibrosis, pain, hematology, and renal disease.