Vertex Pharmaceuticals $VRTX agreed to acquire Crinetics Pharmaceuticals for $85 per share in cash, valuing the San Diego-based endocrinology company at roughly $10 billion, the companies announced Monday.
The deal, which was approved by both boards, is expected to close in the third quarter of 2026. Vertex values the transaction at $8.8 billion net of estimated cash acquired and expects it to become accretive to adjusted operating income in 2029, the company said.
Through the acquisition, Vertex gains Crinetics' marketed drug Palsonify, an oral daily pill approved by the U.S. Food and Drug Administration in September 2025 for adults with acromegaly, a rare disorder caused by excess growth hormone that affects an estimated 20,000 diagnosed people in the United States. Palsonify was recently approved by the European Medicines Agency as well. Vertex also picks up atumelnant, a drug in Phase 3 development for congenital adrenal hyperplasia, a rare genetic condition affecting the adrenal glands with roughly 17,000 addressable patients in the U.S. The two assets together could generate more than $5 billion in combined annual revenue at peak, the company said.
At $85 per share, Vertex's offer came in at more than double Crinetics' Monday closing price — a premium of approximately 102%, according to Reuters. After the announcement, Crinetics' stock surged roughly 100% in postmarket trading, while Vertex shed approximately 2%.
According to Bloomberg, no prior Vertex acquisition has come close to this scale — the company's previous record was the $4.4 billion acquisition of Alpine Immune Sciences in 2024. Vertex, best known for its cystic fibrosis drug Trikafta, has been working to diversify beyond that franchise. The company also has approved therapies for sickle cell disease, transfusion-dependent beta thalassemia, and acute pain.
To fund the deal, Vertex has secured $4.5 billion in committed bridge financing from Bank of America $BAC and Morgan Stanley $MS, which it will combine with existing cash reserves, the company said.
"We believe Vertex can build on the strong momentum of the Palsonify launch by applying our experience in commercializing medicines for rare genetic diseases," Vertex Chief Executive Officer Reshma Kewalramani said in a statement. "We are also excited by the significant potential of atumelnant to transform the treatment landscape for CAH."
In a statement, Crinetics CEO Scott Struthers said partnering with a company of Vertex's global scale would allow Palsonify, atumelnant, and other pipeline candidates to reach more patients than Crinetics could have achieved on its own.
The acquisition is subject to regulatory approvals and approval by Crinetics shareholders.