M&A · Healthcare · Pharmaceutical Preparations
Vertex Pharmaceuticals Inc to acquire Crinetics Pharmaceuticals, Inc.
Announced Jul 6, 2026 · Closed Sep 1, 2026
Deal value$10.00BEV $9.89B
Premium101.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$85.00 per share
Transaction
- Acquirer
- Vertex Pharmaceuticals Inc (VRTX)
- Target
- Crinetics Pharmaceuticals, Inc. (CRNX)
- Buyer type
- Strategic
- Offer price per share
- $85.00
- Enterprise value
- $9.89B
- Status
- Closed Sep 1, 2026
Deal protections
- Break fee (target pays)
- $350M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · BofA Securities, Morgan Stanley
Advisors
- To the acquirer
- Morgan Stanley, Lazard
- To the target
- JPMorgan, Leerink Partners
Sector context · Healthcare
- Comparable deals
- 98 in the prior 24 months
- Premium
- 101.0% vs. 49.0% sector median
- EV / Adj. EBITDA
- Sector median 10.9x
- Break fee
- 3.5% vs. 3.5% sector median
Timeline
- AnnouncedJul 6, 2026
- Proxy filedJul 21, 2026
- Definitive proxyJul 31, 2026
- Shareholder voteAug 28, 2026
- ClosedSep 1, 2026
Valuation · fairness opinions
Trading comparablesJPMorgan$30.75$95.00
Other analysisJPMorgan$47.75$84.75
Discounted cash flowJPMorgan$68.25$86.00
Analyst price targetsJPMorgan$55.00$97.00
Analyst price targetsJPMorgan$49.25$87.00
Discounted cash flowLeerink Partners$68.20$86.02
Precedent transactionsLeerink Partners$73.59$99.34
Precedent transactionsLeerink Partners$47.81$65.01
Premiums paidLeerink Partners$59.39$80.15
Analyst price targetsLeerink Partners$55.00$97.00
Offer $85.00
Implied value per Crinetics Pharmaceuticals, Inc. share by analysis, from JPMorgan and Leerink Partners · DCF discount rate 10.5%–12.5%.