Vertex Pharmaceuticals to Acquire Crinetics Pharmaceuticals for $10 Billion

Vertex Pharmaceuticals has agreed to purchase Crinetics Pharmaceuticals for $10 billion, adding a biopharmaceutical company that specializes in treatments for endocrine diseases to its portfolio that mainly includes cystic fibrosis therapies.

Vertex, a Boston-based biotechnology company, said it would acquire Crinetics for $85 a share in cash. The company pegged the value at $8.8 billion when accounting for net estimated cash acquired.