Vertex reportedly agreed to buy Crinetics Pharmaceuticals (NASDAQ:CRNX) at about $85/share (~$10B) backed by a $4.5B bridge loan, with unvested awards to vest and options/RSUs cashed out; the deal, cited in speculative reports, has spurred two sell‑side downgrades while awaiting approvals.
Previous Week Recap
- Vertex To Buy Crinetics, Unvested Equity Cashed: Vertex to buy Crinetics (CRNX); unvested equity awards vest at close and in‑the‑money options and RSUs will be cashed out. Deal backed by $4.5B bridge loan commitment.
- Vertex To Buy Crinetics At $85/Share: Vertex to buy Crinetics (CRNX) at $85/share (~$10B), ~102% premium. Deal expected this quarter pending approvals; financed with cash plus $4.5B bridge. Assets: PALSONIFY and late‑stage atumelnant.
- Crinetics Ratings Cut By Evercore, Jones Trading: Two sell-side firms cut Crinetics Pharmaceuticals (CRNX) ratings: Evercore downgraded to In-Line and trimmed target to $85; Jones Trading moved to Hold with an $85 target.
- CRNX Mentioned In Speculative Takeover Rumor: Crinetics Pharmaceuticals (CRNX) cited in SLS piece alongside an unverified $10 billion takeover claim by Vertex. Report labeled the acquisition rumor speculative; no confirmation provided.
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