Vertex Pharmaceuticals has announced that it is purchasing Crinetics Pharmaceuticals, gaining best-in-class commercialized and phase 3 endocrinology assets.
Vertex is acquiring Crinetics for $85.00 per share in cash, which has an equity value of approximately $10.0 billion or $8.8 billion net of estimated cash acquired.
Crinetics recently received FDA approval for Palsonify (paltusotine), the only once-daily, oral therapy for adults with acromegaly. In addition, it has a drug to treat congenital adrenal hyperplasia (CAH) in phase 3 development. Atumelnant is a once-daily, oral adrenocorticotropic hormone (ACTH) receptor antagonist that normalizes androgen levels and manages physiologic levels of glucocorticoids. The drug has also shown therapeutic potential in Cushing’s syndrome.