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FinanceVertex to acquire Crinetics Pharmaceuticals for $85 per share in cash, deal valued at ~$10 billion
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Vertex Pharmaceuticals has agreed to acquire Crinetics Pharmaceuticals (NASDAQ: CRNX) for $85 per share in cash, valuing the deal at approximately $10 billion, or $8.8 billion net of cash. The transaction, approved unanimously by both boards, is expected to close in the third quarter of 2026. Vertex will finance the acquisition using cash on hand and $4.5 billion in bridge financing from Bank of America and Morgan Stanley. Crinetics focuses on treatments for rare endocrine diseases and endocrine-related tumors, with pipeline assets including Paltusotine, Atumelnant, and oral GLP-1/GIP nonpeptide therapies. Following the announcement, analysts offered mixed views: Baird raised its price target to $85 with an Outperform rating, while Evercore ISI downgraded the stock to In Line with an $85 target. The article also notes that the author considers certain AI stocks to offer greater upside potential.
Source report
Muhammad Ali Khalid Wed, July 15, 2026 at 7:01 AM PDT | 2 min read
- CRNX: +0.01%
- VRTX: +1.88%
Crinetics Pharmaceuticals Inc. (NASDAQ: CRNX) is one of the 10 affordable biotech stocks to buy right now.
On July 6, Crinetics Pharmaceuticals Inc. (NASDAQ: CRNX) and Vertex Pharmaceuticals announced that both companies have agreed to a definitive agreement, under which Vertex will acquire Crinetics Pharmaceuticals. The deal is priced at $85 per share in cash consideration, valuing the acquisition at approximately $10 billion, or $8.8 billion after accounting for cash.
The Boards of both companies unanimously approved the transaction, with completion projected for the third quarter of this year. Vertex plans to finance the acquisition through cash on hand and $4.5 billion in bridge financing from Bank of America and Morgan Stanley.
Following the announcement, Crinetics Pharmaceuticals garnered significant attention from analysts, who shared mixed opinions and revised their models based on the acquisition.
- On July 7, Baird increased its target price on the stock from $62 to $85, leading to an adjusted upside of more than 102%. The firm reiterated an Outperform rating.
- On July 8, Evercore ISI downgraded the stock from Outperform to In Line, and lowered the price target from $88 to $85, which still leaves attractive upside potential.
Crinetics Pharmaceuticals Inc. is engaged in the development and marketing of innovative treatments for rare endocrine diseases and endocrine-related tumors. The company offers a range of therapies currently in different stages of clinical trials, including:
- Paltusotine
- Atumelnant
- CRN09682
- Oral GLP-1 and GIP nonpeptide
While we acknowledge the potential of CRNX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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Vertex acquires Crinetics for $10B to expand into rare endocrine diseases