Crinetics Pharmaceuticals Inc Stock News

BOSTON--(BUSINESS WIRE)--Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced the successful completion of the acquisition of Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX), a global pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for endocrine diseases. Vertex also announced the expansion of its executive leadership team, i...

Announced Vertex Agreement to Acquire Crinetics for Total Equity Value of Approximately $10.0 Billion, or Approximately $8.8B Net of Estimated Cash Acquired

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Crinetics Pharmaceuticals shares surged after Vertex Pharmaceuticals announced an agreement to acquire the endocrinology-focused biotech company in a deal valued at approximately $10 billion. The all-cash transaction values Crinetics at $85 per share and is expected to close during the current quarter, subject to customary conditions.

Vertex Pharmaceuticals is buying an endocrine treatment specialist for $10 billion.

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The acquisition would add to Vertex's pipeline and potentially grow its annual revenue by $5 billion with the addition of Crinetics-developed drugs Palsonify and Atumelnant, the company said.

Crinetics stock nearly doubled late Monday after Vertex Pharmaceuticals pledged $10 billion to buy the endocrinology-focused biotech company.