JPM | US Special Situations Daily: July 22, 2026

Research evidence excerpt

JPM | US Special Situations Daily: July 22, 2026

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 JPM | US Special Situations Daily:

J.P. Morgan Securities LLC Repligen to acquire BioLife

Solutions , CRNX/VRTX file prelim

proxy

22 July 2026

in a potential transaction, followed by Vertex's first written, non-binding proposal on March 24, for $78.00 per share in

cash which the Board rejected seeking a higher offer, and Vertex responded with a revised proposal on April 19, 2026 of

$83.00 per share which the Board also rejected on April 22, 2026 while deciding to solicit six other potential strategic

counterparties—referred to as Party A through Party F—and to grant Vertex limited diligence. Crinetics and Vertex signed

a CA on April 26, 2026. Outreach to the six other parties, which began April 23, 2026, was ultimately did not result in

offers: Parties B, C, and D declined citing competing strategic priorities and unfavorable M&A timing; Party A initially

expressed interest but withdrew, stating it could not propose a valuation above $6 billion given Crinetics' time horizon to

profitability and an unbridgeable value gap; and Parties E and F declined for similar reasons of competing priorities and

unfavorable timing. The Board also considered but declined to approach a seventh party, Party G, on May 11, 2026,

because its likely stock-heavy, low-premium offer would not be competitive and would increase leak risk. Vertex then

delivered a May 28, 2026 Proposal of $84.50 per share the Board countered at $87.00 on May 31, and after extensive

high-priority due diligence and the June 18 termination of Crinetics' metabolic program, Vertex orally conveyed the June