Why Crinetics Stock Doubled After Vertex’s $10 Billion Buyout
The post Why Crinetics Stock Doubled After Vertex’s $10 Billion Buyout appeared on BitcoinEthereumNews.com. Crinetics Pharmaceuticals shares nearly doubled on Monday, July 6 after Vertex Pharmaceuticals agreed to buy the company for $10 billion in cash. Vertex will pay $85 a share. That is roughly double Crinetics’ closing price the day before Vertex announced the deal. What Vertex Is Actually Buying Crinetics makes Palsonify, a pill for acromegaly, a rare disorder that causes excess growth hormone. Patients previously relied on regular injections, so a once-daily pill is a real upgrade in convenience. Vertex, known for its cystic fibrosis drugs, is betting big on that convenience. It has a second drug in late-stage trials for another rare hormone condition. Together, the two products could bring in more than $5 billion a year at their peak. William Blair analyst Myles Minter said the price tag makes sense if that sales target holds up. “Investors will debate this (stock was down 1.8%