Vertex Pays $10B for Crinetics Pain Drug in Rare Deal

Vertex Pharmaceuticals agreed to buy Crinetics Pharmaceuticals for $10 billion, the company said Monday, picking up a late-stage non-opioid pain treatment that could reshape its pipeline beyond cystic fibrosis.

The all-cash deal values Crinetics at $135 a share, a 65% premium over its Friday close. Vertex will gain paltusotine, an oral drug for chronic pain that has completed Phase 3 trials and could reach the market in 2026 if approved.

Pain is a new therapeutic area for Vertex, which has built its business around CF drugs that generate roughly $10 billion in annual sales. The company has been looking for a second growth engine as its CF franchise faces patent expirations later this decade.

Crinetics shareholders will vote on the deal in the second quarter. The transaction is expected to close by mid-2025, subject to regulatory review.

Vertex shares fell 2.3% in premarket trading Monday. The company's Alpha Score is 60 out of 100, a Moderate rating in the Healthcare sector, according to AlphaScala data.