BOSTON — Vertex Pharmaceuticals said it has completed its acquisition of Crinetics Pharmaceuticals in a deal valued at approximately $10 billion and announced several changes to its executive leadership team.
Vertex completed the acquisition on Sept. 1 following regulatory clearances and approval from Crinetics shareholders. The transaction was valued at about $10 billion in equity value, or approximately $8.8 billion net of estimated cash acquired.
Crinetics focuses on developing treatments for endocrine diseases. The acquisition adds PALSONIFY, or paltusotine, and atumelnant to Vertex’s portfolio, along with several other development programs.
PALSONIFY is a once-daily oral treatment for acromegaly that has launched in the United States and been approved in the European Union. It remains under regulatory review in other markets.
Atumelnant, an oral ACTH receptor antagonist, is in Phase 3 development for congenital adrenal hyperplasia and Phase 2 development for Cushing’s syndrome.
Vertex said PALSONIFY and atumelnant could generate more than $5 billion in combined annual revenue at peak sales. The acquisition is expected to become accretive to non-GAAP operating income in 2029.
The company said it will provide additional details on the accounting and financial impact of the transaction during its third-quarter earnings call on Nov. 2.
Vertex also announced changes to its executive leadership team as it integrates Crinetics and expands into rare endocrine diseases.
Charles Wagner, Executive Vice President and Chief Operating and Financial Officer, will immediately take on an expanded COO role that includes overseeing the integration of Crinetics.
Jonathan Poole, currently Senior Vice President of Finance, will become Executive Vice President and Chief Financial Officer effective Jan. 1, 2027. Wagner will remain Executive Vice President and Chief Operating Officer.
Poole has led Vertex’s global finance organization since March 2020 and previously held senior financial positions at Evelo Biosciences, Genocea Biosciences and Shire.
Vertex also said Jasper van Grunsven will join the company Sept. 8 as Executive Vice President and Chief Pain and New Product Planning Officer.
Van Grunsven will oversee Vertex’s pain franchise, including JOURNAVX, or 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.
“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,” said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex.
“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,” Kewalramani added.
