Crinetics Pharmaceuticals Inc (NASDAQ:CRNX) shares are trading higher in Monday’s after-hours session after the company announced it will be acquired by Vertex Pharmaceuticals Inc (NASDAQ:VRTX).
- Crinetics Pharmaceuticals stock is soaring. What’s the outlook for CRNX shares?
Vertex To Acquire Crinetics
Crinetics and Vertex have entered into a definitive agreement under which Vertex will acquire Crinetics for $85 per share in cash, representing a total equity value of approximately $10 billion.
“Nearly 18 years ago, we founded Crinetics with a clear goal of transforming the lives of patients living with endocrine-related diseases. Today marks a historic milestone as we embark on this next chapter with Vertex,” said Scott Struthers, founder and CEO of Crinetics Pharmaceuticals.
“This partnership is anchored by a mutual commitment to science and a shared vision for delivering innovative treatments to patient communities that have long been underserved.”
The transaction has been unanimously approved by companies’ boards and is expected to close in the third quarter.
CRNX Shares Soar
CRNX Price Action: Crinetics shares were up 101.36% in after-hours, trading at $84.69 at the time of publication on Monday, according to Benzinga Pro.
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