Vertex Pharmaceuticals and Crinetics Pharmaceuticals announced a definitive agreement under which Vertex will acquire Crinetics for $85 per share in cash. The transaction has a total equity value of approximately $10 billion, or about $8.8 billion net of estimated cash acquired.
The acquisition was unanimously approved by the boards of both companies. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions, including regulatory approvals and approval by Crinetics shareholders.
Crinetics is a global pharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for endocrine diseases. The acquisition adds commercialized and Phase 3 endocrinology assets to Vertex’s portfolio, with a combined peak sales opportunity of more than $5 billion.
Crinetics’ marketed medicine PALSONIFY received FDA approval in September 2025. It was also recently approved by the European Medicines Agency and remains under review by other global regulatory bodies.
PALSONIFY is the first and only once-daily oral therapy for adults with acromegaly. Acromegaly is a rare and debilitating condition caused by a pituitary tumor that secretes excess growth hormone, affecting an estimated 20,000 diagnosed people in the U.S.
Vertex said PALSONIFY has demonstrated promising early commercial momentum since launch. The company cited demand across patient segments, expanding prescribing activity, and growing reimbursement coverage.
Crinetics’ most advanced pipeline candidate is atumelnant, a once-daily oral ACTH receptor antagonist in Phase 3 development for congenital adrenal hyperplasia. Classic CAH is the most severe form of the disease and has about 17,000 addressable patients in the U.S.
In Phase 2 studies, patients taking atumelnant achieved near normalization of excess androgen levels on physiologic replacement doses of glucocorticoids. Vertex said this profile could position atumelnant as a leading medical therapy for CAH, and the candidate has also shown therapeutic potential in Cushing’s syndrome.
The transaction is expected to immediately contribute to Vertex’s revenue growth through the ongoing PALSONIFY launch. Vertex also said atumelnant could become a multi-billion-dollar opportunity over the longer term.
Vertex expects to finance the acquisition using a combination of cash on hand and debt. The company has secured $4.5 billion of fully committed bridge financing from Bank of America and Morgan Stanley Senior Funding.
Morgan Stanley and Lazard are acting as financial advisors to Vertex, with Kirkland & Ellis serving as legal counsel. J.P. Morgan Securities and Leerink Partners are acting as financial advisors to Crinetics, while Paul Weiss and Morrison Foerster are serving as legal counsel.
KEY QUOTES:
“Crinetics is an excellent strategic fit for Vertex, with its focus on serious diseases in specialty markets with significant unmet need, well-understood causal human biology, and potentially best-in-class medicines that could deliver transformative benefit to patients. We believe Vertex can build on the strong momentum of the PALSONIFY launch by applying our experience in commercializing medicines for rare genetic diseases. We are also excited by the significant potential of atumelnant to transform the treatment landscape for CAH, setting a new standard of care where patients do not have to choose between managing their excess adrenal androgens and enduring the side effects of high-dose steroids.”
Dr. Reshma Kewalramani, CEO and President of Vertex
“We look forward to working with the talented Crinetics team to rapidly advance their pipeline of medicines for patients living with serious, rare endocrine disorders. Together, these potential blockbuster assets build on our core CF business, ongoing launches and internal innovation portfolio, adding to our growth outlook and driving value for patients and shareholders.”
Dr. Reshma Kewalramani, CEO and President of Vertex
“Nearly 18 years ago, we founded Crinetics with a clear goal of transforming the lives of patients living with endocrine-related diseases. Today marks a historic milestone as we embark on this next chapter with Vertex. This partnership is anchored by a mutual commitment to science and a shared vision for delivering innovative treatments to patient communities that have long been underserved. Vertex’s global infrastructure and commercial footprint will serve to amplify the reach of our science and allow us to maximize the impact of PALSONIFY, atumelnant and our pipeline. I want to extend my deepest gratitude for the relentless dedication, brilliance and passion of our extraordinary employees, who have worked tirelessly to bring our scientific vision to life, as well as the clinical partners and patient communities who have championed our mission from the very beginning.”
Dr. Scott Struthers, Founder and CEO of Crinetics Pharmaceuticals
