STAT+: Vertex acquires Crinetics Pharmaceuticals for $10 billion as biotech M&A booms
Get the Health newsletter
Daily health & science — research, biotech, public health, the studies worth knowing. Free.
- Vertex Pharmaceuticals announced Monday it will spend $10 billion to acquire Crinetics Pharmaceuticals, picking up the company's commercial drug and pipeline candidates.
- The deal gives Vertex Palsonify, a drug launched last year that treats acromegaly, a rare endocrine disorder, plus other candidates described as having blockbuster potential.
- Crinetics is also in late-stage development of a therapy for congenital adrenal hyperplasia, an additional pipeline asset bundled into the acquisition.
- The $10 billion price tag works out to roughly $85 per share of Crinetics stock.
- Crinetics shares jumped 101% in after-hours trading immediately following the announcement.
Why it matters: Vertex pays $10 billion to immediately add a commercial rare-disease product and a late-stage pipeline candidate, while Crinetics shareholders capture a 101% after-hours premium — evidence that large pharma is paying full price for revenue-generating biotech assets even early in their launch.
