Vertex to acquire Crinetics for $85/share, ~$10B equity value, adding PALSONIFY and atumelnant

Crinetics Pharmaceuticals, Inc.

• Vertex to acquire Crinetics for $85.00 per share in cash, total equity value ~$10.0B (~$8.8B net of cash).
• Crinetics' PALSONIFY (once-daily oral for acromegaly) launched in 2025; atumelnant (ACTH receptor antagonist) in Phase 3 for CAH.
• Transaction unanimously approved by both boards; expected to close in Q3 2026, subject to stockholder and regulatory approvals.
• Vertex plans to finance with cash on hand and $4.5B bridge loan from Bank of America and Morgan Stanley.
• Termination fee of ~$350M payable by Crinetics under certain circumstances.