July 6 (Reuters) - Vertex Pharmaceuticals will buy Crinetics Pharmaceuticals 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. Shares of Crinetics doubled in extended trading, while those of Vertex were down 2%.
A dominant player in cystic fibrosis drugs, Vertex has been eyeing other avenues for diversification. Crinetics'
acquisition will give the drugmaker 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, alongside patent losses faced by big pharmaceutical companies.
The deal gives Vertex access to Palsonify, approved by the U.S. Food and Drug Administration in September 2025 to treat adults with acromegaly, a rare disorder caused by excess growth hormone.
The once-daily oral therapy has shown early commercial momentum since launch, the companies said.
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 add immediately to revenue growth and become accretive to adjusted operating income in 2029.
"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 Vertex CEO Reshma Kewalramani.
Key growth areas for Vertex include Casgevy, its gene therapy for sickle cell disease and transfusion-dependent beta-thalassemia, as well as Journavx, a novel non-opioid pain treatment.
The Crinetics deal is expected to close in the third quarter of 2026.
(Reporting by Puyaan Singh in Bengaluru; Editing by Jonathan Ananda)
