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Vertex acquires Crinetics Pharmaceuticals for $10 billion as biotech M&A booms
STAT • • business
Key Points:
- Vertex Pharmaceuticals will acquire Crinetics Pharmaceuticals for $10 billion, gaining control of its commercial drug Palsonify and other drug candidates.
- Palsonify, launched last year, treats acromegaly, a rare endocrine disorder, and Crinetics is also developing a late-stage therapy for congenital adrenal hyperplasia.
- The acquisition price equates to approximately $85 per share of Crinetics stock, which surged 101% in after-hours trading following the announcement.
