Vertex Pharmaceuticals has agreed to acquire Crinetics Pharmaceuticals for approximately $10 billion, expanding its business beyond its established focus on cystic fibrosis and into rare endocrine diseases.
Under the agreement, Vertex will pay $85 per Crinetics share, representing a premium of approximately 102% to Crinetics’ share price before the deal was announced. The transaction is expected to give Vertex access to treatments targeting rare hormonal disorders.
A central asset in the deal is Palsonify, an oral treatment for acromegaly, a rare disorder caused by excessive production of growth hormone. Crinetics also has atumelnant, an experimental treatment for congenital adrenal hyperplasia, in late-stage development.
Vertex has traditionally been heavily associated with cystic fibrosis treatments, although the company has expanded into areas including blood disorders, pain and kidney disease. The Crinetics acquisition would establish endocrinology as another major therapeutic area for the company.
The transaction is part of a broader increase in pharmaceutical and biotechnology dealmaking. Large drugmakers are increasingly acquiring smaller biotechnology companies to gain access to promising medicines and diversify their pipelines as older blockbuster medicines approach patent expiration.
