Shares of Crinetics Pharmaceuticals Inc. (CRNX) more than doubled in Monday's after-hours session after the company announced it would be acquired by Vertex Pharmaceuticals Inc. (VRTX).
Crinetics and Vertex have entered into a definitive agreement under which Vertex will acquire Crinetics for $85 per share in cash, representing a total equity value of approximately $10 billion.
"Nearly 18 years ago, we founded Crinetics with a clear goal of transforming the lives of patients living with endocrine-related diseases. Today marks a historic milestone as we embark on this next chapter with Vertex," said Scott Struthers, founder and CEO of Crinetics. "This partnership is anchored by a mutual commitment to science and a shared vision for delivering innovative treatments to patient communities that have long been underserved."
The transaction has been unanimously approved by both companies' boards and is expected to close in the third quarter of 2026.
CRNX Price Action: Crinetics shares were up 101.36% in after-hours trading at $84.69 at the time of publication Monday, according to market data.
