Vertex to Buy Crinetics for $10 Billion for Endocrine Focus

Vertex Pharmaceuticals Inc. agreed to buy Crinetics Pharmaceuticals Inc. for $10 billion in cash to expand into endocrinology, including medicines for acromegaly and hormone disorders.

The purchase price of $85 per share is a 102% premium over where Crinetics shares closed on Monday. The deal, which has been approved by both boards, is expected to close in the third quarter.

The acquisition is expected to boost Vertex’s adjusted operating income in 2029, the company said in a news release. The deal values Crinetics at $8.8 billion net of cash acquired.

Vertex will finance the purchase with cash on hand and $4.5 billion of bridge financing from Bank of America and Morgan Stanley.

Crinetics’ lead product is a daily medicine called Palsonify to treat a rare pituitary disorder. It also has a treatment for a genetic disorder called congenital adrenal hyperplasia in development. Vertex said they could provide more than $5 billion in annual revenue at their peak.

The deal would be the largest in Vertex’s history, according to data compiled by Bloomberg, topping the $4.4 billion it paid for Alpine Immune Sciences in 2024.

Crinetics shares doubled after New York markets closed, while Vertex shares fell 2.8%.