Vertex Is Paying a 102% Premium to Acquire Crinetics for $10 Billion. Here's Whether the Deal Is Worth It.

Vertex Pharmaceuticals (VRTX) will acquire Crinetics Pharmaceuticals (CRNX) in a transaction valued at about $10 billion, after announcing a cash bid at a steep premium. Vertex will pay $85 per share entirely in cash, which represents a 102% premium and values Crinetics at roughly $10 billion, or about $8.8 billion net of cash and short-term investments. The boards of both companies unanimously approved the deal, which is expected to close in the third calendar quarter of this year. Crinetics recently gained its first FDA approval for Palsonify, an oral once-daily treatment for acromegaly, with $10.7 million in revenue in its first full quarter post-approval. The company is also advancing atumelnant in late Phase 3 for the severe form of congenital adrenal hyperplasia (CAH), alongside other pipeline programs.