Crinetics Shares Nearly Double After Vertex Agrees $10 Billion Cash Buyout

Crinetics Pharmaceuticals shares nearly doubled on Monday, July 6 after Vertex Pharmaceuticals agreed to buy the company for $10 billion in cash. According to BeInCrypto, Vertex will pay $85 a share, roughly double Crinetics’ prior close. Crinetics makes Palsonify, a once-daily pill for acromegaly, and has a second late-stage drug for another rare hormone condition; the two products could generate more than $5 billion a year at peak sales. William Blair analyst Myles Minter said the price is reasonable if that target is met. The deal is expected to close in the third quarter.