Boston– Vertex Pharmaceuticals Incorporated and Crinetics Pharmaceuticals Inc. announced that they have entered into a definitive agreement under which Vertex will acquire Crinetics for $85 per share in cash.
The transaction values Crinetics at approximately $10 billion in total equity value, or approximately $8.8 billion net of estimated cash acquired. The deal was unanimously approved by the boards of directors of both companies and 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 the discovery, development and commercialization of treatments for endocrine diseases. The acquisition adds Crinetics’ commercialized acromegaly therapy PALSONIFY and its Phase 3 congenital adrenal hyperplasia candidate atumelnant to Vertex’s portfolio.
PALSONIFY, or paltusotine, was approved by the U.S. Food and Drug Administration in September 2025 and was recently approved by the European Medicines Agency. The treatment is also under review by other global regulators.
The companies said PALSONIFY is the first and only once-daily oral therapy for adults with acromegaly, a rare condition caused by a pituitary tumor that secretes excess growth hormone. The condition affects an estimated 20,000 diagnosed people in the United States.
Since launch, PALSONIFY has shown early commercial momentum, supported by demand across patient segments, expanded prescribing activity and growing reimbursement coverage, the companies said.
Crinetics’ most advanced pipeline candidate, atumelnant, is a once-daily oral adrenocorticotropic hormone receptor antagonist in Phase 3 development for congenital adrenal hyperplasia. Classic congenital adrenal hyperplasia is a rare, chronic genetic condition affecting the adrenal glands and represents an addressable patient population of about 17,000 people in the United States.
The companies said Phase 2 studies showed that patients taking atumelnant were able to achieve near normalization of excess androgen levels while on physiologic replacement doses of glucocorticoids. Atumelnant has been generally well tolerated, with no treatment-related severe or serious adverse events reported to date.
“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,” said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. “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.”
“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,” Kewalramani said.
“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,” said Scott Struthers, Ph.D., Founder and Chief Executive Officer of Crinetics Pharmaceuticals. “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.”
Vertex said the transaction is expected to contribute immediately to revenue growth through the ongoing launch of PALSONIFY, which the company said has blockbuster potential in acromegaly. Longer term, Vertex said atumelnant has the potential to become a multi-billion-dollar opportunity in congenital adrenal hyperplasia, with additional potential in Cushing’s syndrome.
At peak, the assets could generate more than $5 billion in combined annual revenue, the companies said. The transaction is expected to become accretive to non-GAAP operating income in 2029.
Vertex expects to finance the acquisition through a combination of cash on hand and debt, supported by $4.5 billion in fully committed bridge financing from Bank of America, N.A. and Morgan Stanley Senior Funding Inc.
Morgan Stanley & Co. LLC and Lazard are serving as financial advisers to Vertex, and Kirkland & Ellis LLP is serving as legal counsel. J.P. Morgan Securities LLC and Leerink Partners LLC are serving as financial advisers to Crinetics, with Paul, Weiss, Rifkind, Wharton & Garrison LLP and Morrison Foerster LLP serving as legal counsel.
