๐ฐ Crinetics $CRNX rockets +100% as Vertex drops $10B to acquire the rare-disease biotech
Vertex Pharmaceuticals (VRTX) announced it will buy Crinetics Pharmaceuticals (CRNX) for $85/share in cash โ a 102% premium to Monday's close โ sending the stock doubling at midday. The deal is all about PALSONIFY, Crinetics' newly launched once-daily oral therapy for acromegaly, with analysts projecting ~$5B in peak annual revenue for the combined rare-disease portfolio. Vertex shares slipped ~2% as the acquirer โ classic deal math. Not financial advice. Are rare-disease biotechs with late-stage drugs suddenly the hottest M&A targets of 2026?
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