Crinetics Pharmaceuticals Stock Surges Nearly 100% on Acquisition by Vertex
Shares of Crinetics Pharmaceuticals (NASDAQ: CRNX) surged nearly 98% this week following its $10 billion acquisition by Vertex Pharmaceuticals. The deal, which includes a net cash payment of $8.8 billion after accounting for Crinetics' balance sheet, marks the first major move by Vertex to diversify beyond cystic fibrosis into rare diseases.