Vertex Pharmaceuticals (VRTX) investor relations material

Deal rationale and strategic fit

• Acquisition of Crinetics for $85 per share in cash, total equity value of ~$10B, aligns with focus on serious diseases with high unmet need and specialty markets, expanding the innovation pipeline and accelerating revenue growth.

• Crinetics' assets, PALSONIFY and atumelnant, offer best-in-class potential in rare endocrine diseases, strengthening the portfolio in acromegaly, CAH, and Cushing's syndrome.

• The deal adds endocrinology as a fifth pillar to the commercial framework, diversifying the portfolio alongside existing therapeutic areas.

• Crinetics' differentiated business model and specialty focus fit the acquirer's criteria for high-value transformative medicines and align with its R&D and commercial strengths.

• The acquisition leverages global infrastructure to maximize the impact of acquired therapies and pipeline assets.

Financial terms and conditions

• Vertex will acquire all outstanding shares of Crinetics for $85 per share in cash, with a total equity value of ~$10B or $8.8B net of estimated cash acquired.

• Financing will use a mix of cash on hand and debt, supported by $4.5B in fully committed bridge financing.

• Transaction unanimously approved by both Boards; expected to close in Q3 2026, subject to shareholder and regulatory approvals.

• Modest impact to 2026 revenue and non-GAAP operating expenses; accretive to non-GAAP operating income expected in 2029.

Synergies and expected cost savings

• Significant synergy expected as rare endocrine diseases are managed by a subset of ~3,000–4,000 specialty endocrinologists, allowing efficient commercial reach.

• Vertex's capabilities anticipated to accelerate launches and pipeline development for Crinetics' assets, supporting sustained double-digit revenue growth and high operating margins.

• Crinetics' capital-efficient development model and small commercial footprint align with Vertex's operating leverage approach.

• Overlap in physician targets and potential for synergy across rare endocrine diseases in the portfolio.

• Immediate revenue growth expected from the ongoing launch of a key commercial product.