Deal Summary-Vertex to acquire Crinetics (CRNX)

Research evidence excerpt

Deal Summary-Vertex to acquire Crinetics (CRNX)

Neetu Jhamb - Specialist Sales - US Special Situations AC (1-212) 272-5971 North America Specialist Sales J P M O R G A N

neetu.jhamb@jpmorgan.com Deal Summary-Vertex to acquire

J.P. Morgan Securities LLC Crinetics (CRNX)

07 July 2026

• VRTX sees many paths to realizing $5bn+ in annual rev from the CRNX assets. They see Palsonify in acromegaly as

a blockbuster opportunity 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

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

• On atumelnant specifically, VRTX spoke to their diligence on the clinical 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 about the profile overall, not only on liver.

Summary of Merger Agreement

Conditions of the Merger

• Shareholder Approval (Prelim proxy to be filed within 10 business days, July 20, 2026)

• Approval by holders of at least a majority of the outstanding Shares of CRNX

• Regulatory Approvals Specified

• HSR (filed within 10 business days, July 20, 2026 )

• Any applicable requirements of any other Antitrust Laws

• Limitation on Divestitures: notwithstanding the foregoing or anything in this Agreement to the contrary, (i) neither Parent nor

any of its Affiliates shall be required to proffer, offer, commit to, consent to or agree to or effect any Remedy Action with