Vertex to Buy Crinetics for About $10 Billion
PALSONIFY net product revenue reached $24.0 million in the second quarter as the endocrine drugmaker agreed to a $85.00-a-share cash sale.
Crinetics Pharmaceuticals (CRNX) said Vertex Pharmaceuticals agreed to acquire the endocrine drugmaker for $85.00 a share in cash, a total equity value of about $10.0 billion, or about $8.8 billion net of estimated cash acquired.
The deal, announced July 6, 2026, was unanimously approved by both boards and is expected to close in the third quarter of 2026, subject to regulatory approvals and Crinetics stockholder consent. In light of the transaction, the company withdrew previously issued guidance and said it would not provide updated guidance or host an earnings call on second-quarter results.
The sale caps a commercial ramp that had already been accelerating. PALSONIFY (paltusotine) net product revenue was $24.0 million in the quarter ended June 30, 2026, after $10.3 million in the first quarter and $5.4 million in the fourth quarter of 2025. Total revenue was $25.1 million, including $1.1 million of collaboration and license revenue. Cost of product revenue was $0.2 million, primarily for distribution, packaging and fulfillment.
The product mix reflected growing adoption of PALSONIFY as the preferred choice for the acromegaly community. It received 245 enrollment forms in the second quarter, versus 232 in the first quarter. Unique prescribers reached 385 in the first three quarters of launch, up from 263 in the first two quarters. More than 70% of patients treated with PALSONIFY at quarter-end were on reimbursed therapy.
Research and development expenses were $99.9 million, essentially unchanged from $100.1 million in the prior quarter. The increase versus a year earlier was primarily attributable to increased investment in clinical programs and higher personnel costs. Selling, general and administrative expenses were $57.6 million. The sequential increase reflected the timing of commercial investment and costs related to the proposed Vertex transaction.
Net loss was $120.9 million, or $1.14 a share. Cash, cash equivalents and investment securities totaled $1.2 billion as of June 30, 2026.
The FDA granted Rare Pediatric Disease Designation to atumelnant, a once-daily oral ACTH receptor antagonist in Phase 3 for classic congenital adrenal hyperplasia in pediatric patients and adults. Paltusotine remains in development for carcinoid syndrome associated with neuroendocrine tumors. Atumelnant is also in development for ACTH-dependent Cushing’s syndrome, and CRN09682 is being developed for SST2-expressing neuroendocrine tumors and other SST2-expressing solid tumors.
Vertex’s $85.00 cash offer, with closing anticipated in the third quarter of 2026, is the quarter’s defining event. Crinetics will not host an earnings conference call or webcast on the second-quarter results.
Stronger demand supports expansion as pricing diverges