VRTX to acquire Crinetics to move into endo

研报英文原文证据摘录

VRTX to acquire Crinetics to move into endo

ssets for rare endocrine diseases - Palsonify (paltusotine), a Industry View Attractive

Price target ++

recently launched oral therapy for acromegaly, and atumelnant, an oral ACTH Shr price, close (Jul 6, 2026) $529.59

receptor antagonist in Ph3 development for congenital adrenal hyperplasia (CAH) Mkt cap, curr (mm) $135,745

52-Week Range $529.99-362.50

and Ph2 for ACTH-dependent Cushing’s syndrome (ADCS). VRTX sized the

potential peak opportunity for these assets at $5bn+ on a combined basis, with

Palsonify contributing immediately to revenue growth upon closing, and atumelnant

representing a potential multi-billion-dollar opportunity in CAH, plus additional

upside in ADCS. VRTX commented that a small commercial footprint is sufficient for

rare endocrine diseases, noting a 40-person sales team for Palsonify. VRTX also has

an internal endocrine program for T1D, zimislecel (stem cell-derived islet cells),

where we expect pivotal data in 2H27.

Palsonify was approved by the FDA for adults with acromegaly in September

2025, and was recently approved by the EMA. Acromegaly is a rare hormonal

disorder caused by excess growth hormone production in adulthood, typically from

a non-cancerous tumor of the pituitary gland. The excess growth hormone

stimulates the liver to produce insulin-like growth factor 1, which is responsible for

most of the disease's effects. VRTX cited ~20k US and 35k+ OUS diagnosed patients

and notes early launch momentum for Palsonify, including broader prescribing and Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,

reimbursement coverage (VRTX cited ~40-50% new to brand Rx share). VRTX investors should be aware that the firm may have a conflict of