Vertex to buy Crinetics for $10 billion in rare-diseases push (updated)

Vertex Pharmaceuticals Incorporated

06/07/2026 21:11

Adds analyst comment in paragraph 5, conference call comment in paragraph 6
Vertex offers $85 per Crinetics share, a 102% premium to stock's Monday close
Deal gives access to Palsonify, an FDA-approved oral pill for adult acromegaly
Vertex expects deal to become accretive to adjusted operating income in 2029
By Puyaan Singh

    July 6 (Reuters) - Vertex Pharmaceuticals VRTX.O will buy Crinetics Pharmaceuticals CRNX.O for a total equity value of about $10 billion, the companies said on Monday, adding treatments for rare hormonal diseases to its portfolio.
Vertex's offer of $85 per Crinetics share represents a 102% premium to the stock's Monday close, as per Reuters' calculations. Shares of Crinetics doubled in extended trading, while those of Vertex were down 2%.
A dominant player in cystic fibrosis (CF) drugs, Vertex has been eyeing other avenues for diversification. Crinetics' acquisition will give it access to treatments that could together generate more than $5 billion in peak annual sales, the companies said. 
The acquisition is one of the largest pharma deals of the year, as deep cash reserves, attractive biotech valuations, a wave of newly approved drugs and growing confidence in navigating regulatory scrutiny fuel dealmaking, while big pharmaceutical companies face patent losses.
"The deal adds a fifth vertical, endocrinology, which helps diversify VRTX’s concentration in CF. The other four are CF, Heme (hematology), Pain, and Renal," said Scotiabank analyst Louise Chen.

    Asked whether Vertex would add a sixth or seventh vertical, CEO Reshma Kewalramani said, "We are very serious about our R&D strategy ... about our capital allocation approach. Nothing changes on that front, and you should not expect any change going forward."
The deal gives Vertex access to Palsonify, the first and only once-daily oral pill approved by the U.S. Food and Drug Administration to treat adults with acromegaly, a rare disorder caused by excess growth hormone.
"We believe Vertex can build on the strong momentum of the Palsonify launch by applying our experience in commercializing medicines for rare genetic diseases," said Kewalramani.
The therapy has shown early commercial momentum since launch, according to the companies. 
Crinetics’ experimental drug, atumelnant, is also in late-stage development for congenital adrenal hyperplasia, or CAH, a rare genetic disorder affecting the adrenal glands.
Vertex expects the deal to close in the third quarter of 2026 and become accretive to adjusted operating income in 2029.

(Reporting by Puyaan Singh in Bengaluru; Editing by Jonathan Ananda)
((Puyaan.Singh@thomsonreuters.com;))