Vertex Pharmaceuticals has completed its acquisition of Crinetics Pharmaceuticals for approximately $10 billion in equity value, or approximately $8.8 billion net of estimated cash acquired, expanding Vertex into rare endocrine diseases and adding commercial and clinical-stage assets with significant revenue potential.
The transaction closed on September 1, 2026, following regulatory clearances and approval from Crinetics shareholders. Vertex originally announced the definitive agreement in July.
The acquisition adds PALSONIFY (paltusotine) and atumelnant to Vertex’s portfolio, along with several additional pipeline programs.
PALSONIFY is a once-daily oral therapy for acromegaly that has launched in the United States, received approval in the European Union and remains under regulatory review in other markets.
Atumelnant is a once-daily oral adrenocorticotropic hormone receptor antagonist. The drug is currently in Phase 3 development for congenital adrenal hyperplasia and Phase 2 development for Cushing’s syndrome.
Vertex estimates PALSONIFY and atumelnant have the potential to generate more than $5 billion in combined annual revenue at peak.
The company expects the Crinetics acquisition to accelerate revenue growth, strengthen its long-term earnings profile and become accretive to non-GAAP operating income in 2029.
The transaction also establishes rare endocrine diseases as another major growth pillar for Vertex, alongside its existing areas of cystic fibrosis, hematology, acute pain and renal disease.
Alongside the acquisition, Vertex announced several changes to its executive leadership team.
Effective immediately, Charles Wagner, currently Executive Vice President and Chief Operating and Financial Officer, is expanding his responsibilities as COO to oversee integration of Crinetics.
As part of a planned leadership transition, Jonathan Poole, currently Senior Vice President of Finance, will become Executive Vice President and Chief Financial Officer effective January 1, 2027. Wagner will remain Executive Vice President and Chief Operating Officer.
Poole has led Vertex’s global finance organization since March 2020 and has supported the company through significant R&D portfolio expansion, commercial growth, diversification and multiple acquisitions. Before Vertex, he served as CFO of Evelo Biosciences and Genocea Biosciences and as Senior Vice President of Finance at Shire.
Vertex also named Jasper van Grunsven Executive Vice President and Chief Pain and New Product Planning Officer, effective September 8.
Van Grunsven will oversee Vertex’s pain franchise, including JOURNAVX (suzetrigine) for moderate-to-severe acute pain, as well as global new product planning.
He most recently served as Senior Vice President of Amgen’s Rare Disease portfolio and Global Customer Capabilities Data & Analytics function. His previous experience also includes roles at AbbVie, Abbott Laboratories and Nycomed.
KEY QUOTE:
“This is an exciting time for Vertex as we enter our next phase of growth and diversification, fueled by the rapid advancement of our R&D pipeline and commercial portfolio. With the closing of the Crinetics Pharmaceuticals acquisition, I am pleased to welcome the talented Crinetics team to Vertex and look forward to working together to continue to launch PALSONIFY globally and accelerate the atumelnant program. I also want to congratulate Charlie and Jonathan on their expanded roles and welcome Jasper to the company, as we continue to execute on our strategy to bring more transformative medicines to more patients around the globe.”
Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex Pharmaceuticals
