Vertex Pharmaceuticals closed its roughly $10 billion cash acquisition of Crinetics Pharmaceuticals in September, its largest deal to date. Crinetics' approved product Palsonify, launched in the U.S. last year, is indicated as a first-line treatment for acromegaly in patients who are not eligible for surgery or for whom surgery did not work, and is taken as a once-daily oral pill. Vertex estimates 20,000 patients diagnosed with acromegaly in the U.S. and 35,000 outside the U.S., while only 40% to 50% achieve durable remission after surgery. The deal also brought atumelnant, which is in Phase 3 studies for congenital adrenal hyperplasia and Phase 2 trials for Cushing's syndrome. Vertex estimates Palsonify and atumelnant could eventually generate peak revenue above $5 billion, compared with $12 billion in company revenue last year, while sales growth in its core cystic fibrosis franchise has slowed.
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