Crinetics soars as Vertex agrees to $10 billion buyout deal
BUZZ-Crinetics soars as Vertex agrees to $10 billion buyout deal Updates
** Shares of drugmaker Crinetics Pharmaceuticals CRNX.O jump 98.8% to $83.56
** Vertex Pharmaceuticals VRTX.O will buy CRNX for a total equity value of about $10 billion, the companies said late on Monday, adding treatments for rare hormonal diseases to its portfolio
** VRTX's offer of $85 per Crinetics share represents a 102% premium to the stock's Monday close, as per Reuters' calculations
** VRTX expects the deal to close in Q3 2026 and become accretive to adjusted operating income in 2029
** "Vertex remains ahead of the curve, where a possibly high-value Crinetics endocrine pipeline could yield meaningful returns in the medium-to-long term," BMO Capital Markets says
** "We view Crinetics as a natural extension of Vertex's operating model: rare specialty markets, serious diseases, known biology, validated biomarkers, and commercial leverage around expert prescribers," Citi says
** Including session's move, CRNX up 79.4% YTD
(Reporting by Kunal Das in Bengaluru)
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