Crinetics and Vertex Pharmaceuticals: Conf Call Tidbits; Suspending Ratings and Price Targets

Research evidence excerpt

Crinetics and Vertex Pharmaceuticals: Conf Call Tidbits; Suspending Ratings and Price Targets

J P M O R G A N North America Equity Research

06 July 2026

Crinetics and Vertex

Pharmaceuticals

Conf Call Tidbits; Suspending Ratings and Price

Targets

Vertex and Crinetics announced a definitive agreement for VRTX to buy CRNX Biotechnology - Large Cap

ACfor $85/sh in cash ($10bn total value; ~$8.8bn net of acquired cash). The deal Jessica Fye

brings Vertex Palsonify, which is approved for acromegaly, lead pipeline asset (1-212) 622-4165

atumelnant in development for CAH and Cushing’s, and additional pre-clinical jessica.m.fye@jpmorgan.com

pipeline assets with a focus on rare endocrinology. Vertex, which ended 1Q26 with J.P. Morgan Securities LLC

~$13bn cash/investments, intends to finance the deal through a combination of

cash on hand and debt.

CRNX, CRNX US

• VRTX sees many paths to realizing $5bn+ in annual rev from the CRNX Not Rated

assets. They see Palsonify in acromegaly as a blockbuster opportunity Price (06 Jul 26): $42.03

alongside multi-billion-dollar potential for atumelnant in CAH and a

significant opportunity for atumelnant in ACTH-mediated Cushing’s. Mgmt

also expressed confidence in clinical success for Palsonify in carcinoid

VRTX, VRTX US

syndrome and flagged the opportunity for CRNX’s preclinical Graves’/TED

program. Not Rated

• On atumelnant specifically, VRTX spoke to their diligence on the clinical Price (06 Jul 26): $529.59

data noting they have looked at the totality of available data generated to date

in all indications. While they noted 7 cases of minor LFT elevations, 6 of 7

resolved with no intervention on continued therapy and there were no cases of

LFT increase with elevated bilirubin. Net-net, VRTX mgmt feels really good