Crinetics Pharmaceuticals Acquisition, Valuation & Financials

Crinetics Pharmaceuticals was acquired by Vertex Pharmaceuticals for $10B in July 2026.

Crinetics Pharmaceuticals acquisition price

$10B

Acquired by Vertex Pharmaceuticals · Jul 2026

Crinetics Pharmaceuticals revenue as a public company

$43M

Last twelve months · Aug 2026 · -1113% EBITDA margin

Cumulative funding Crinetics Pharmaceuticals raised

$104M

across 2 funding rounds

Crinetics Pharmaceuticals market cap before the deal

$9B

NAS: CRNX · Aug 2026

Crinetics Pharmaceuticals Overview

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals Inc is a clinical-stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. Its products include Paltusotine and Atumelnant.


Founded

2008

HQ

United StatesSan Diego, CA

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$43M (Aug 2026)

Valuation

$10B (acquired Jul 2026)

Crinetics Pharmaceuticals Acquisition

Crinetics Pharmaceuticals was acquired by Vertex Pharmaceuticals for $10B on 5 July 2026.

Before the acquisition Crinetics Pharmaceuticals had raised $104M across 2 funding rounds.

Vertex Pharmaceuticals acquired Crinetics Pharmaceuticals in an all-cash deal valued at $10.0 billion ($85.00 per share), with a net equity value of approximately $8.8 billion after accounting for estimated cash acquired. The transaction, announced July 6, 2026, is expected to close in Q3 2026 pending regulatory and shareholder approvals, and represents Vertex's largest acquisition to expand beyond its dominant cystic fibrosis portfolio into rare endocrine diseases. Vertex will finance the deal using cash on hand and debt, supported by $4.5 billion of committed bridge financing from Bank of America and Morgan Stanley. The acquisition adds commercialized and Phase 3 endocrinology assets, including PALSONIFY for acromegaly (with $10 million Q1 2026 revenue and ~$70 million consensus 2026 estimate) and atumelnant for congenital adrenal hyperplasia (CAH), which together have a peak sales opportunity exceeding $5 billion annually. The deal is projected to become accretive to non-GAAP operating income in 2029 and contribute immediately to Vertex's revenue growth. Crinetics, a global biopharmaceutical company focused on endocrine disease therapeutics, had minimal prior revenue exposure with PALSONIFY in early launch; the combined assets target sustained double-digit revenue growth and industry-leading operating margins for Vertex.

Crinetics Pharmaceuticals acquisition details
AcquirerDateTypePrice
5 Jul 2026Strategic M&A$10B

Crinetics Pharmaceuticals as a Public Company

Crinetics Pharmaceuticals traded as NAS: CRNX before it was taken private. Its acquisition was announced in July 2026. August 2026 is its last month on record as a listed company, with a market cap of $9B and an enterprise value of $7.9B.

Last-twelve-month revenue was $43M, with EBITDA of ($480M) (-1113% margin).

Over the 4 years before that, its market cap grew from $1B in August 2022 to $9B, while revenue grew from $3M to $43M.

Crinetics Pharmaceuticals market cap while listed

Crinetics Pharmaceuticals EV/Revenue (LTM) while listed

Crinetics Pharmaceuticals financials and trading multiples by year while listed
As ofMarket capRevenue (LTM)EBITDA (LTM)EBITDA marginEV/RevenueEV/EBITDA
Aug 2026$9B$43M($480M)-1113%181.9x(16.3x)
Aug 2025$2.9B$4M($430M)-10212%421.1x(4.1x)
Aug 2024$4.2B$3M($289M)-10851%1289.8x(11.9x)
Aug 2023$947M$4M($167M)-3886%159.6x(4.1x)
Aug 2022$1B$3M($147M)-4782%198.2x(4.1x)

Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Crinetics Pharmaceuticals traded.

Crinetics Pharmaceuticals Funding History

Crinetics Pharmaceuticals has raised a total of $104M across 2 funding rounds.

Crinetics Pharmaceuticals' first fundraising round was a $40M Series A in November 2015. The most recent completed round was a $64M Series B in March 2018.

Crinetics Pharmaceuticals funding rounds

Crinetics Pharmaceuticals funding rounds
DateStageInvestorsRaisedDeal Summary
Mar 2018Series BPerceptive Advisors (lead); 5AM Ventures; Versant Ventures; Vivo Capital; RA Capital Management; OrbiMed$64MCrinetics Pharmaceuticals is a biopharmaceutical company focused on developing novel therapeutics for endocrine diseases and endocrine-related tumors. Later in 2018, Crinetics conducted an IPO in July, raising $117.3 million with Piper Sandler as bookrunner, marking a transition from private VC funding. Current TTM revenue as of 2025 is $1.53 million, down from peaks in prior years, reflecting its clinical-stage status with limited product sales.
Nov 2015Series A5AM Ventures (lead); Versant Ventures; Vivo Capital$40MCrinetics Pharmaceuticals, a San Diego-based biopharmaceutical company focused on innovative therapeutics for specialty endocrine disorders, completed a $40 million Series A financing on November 2, 2015, led by 5AM Ventures, Versant Ventures, and Vivo Capital. The proceeds were intended to advance the company's small molecule somatostatin agonist program to clinical proof-of-concept for acromegaly treatment and to progress additional programs into development. Scott Struthers, Ph.D., served as founder and CEO, emphasizing the financing's role in building the pipeline and company. New board members included Wendell Wierenga as chairman and representatives from the lead investors: Mason Freeman from 5AM, Steve Kaldor from Versant, and Mahendra Shah from Vivo. Prior to the round, Crinetics had relied on $6.7 million in grants to develop its preclinical pipeline, with the acromegaly program highlighted as the lead candidate offering an oral alternative to injectable therapies like Novartis' Signifor, potentially improving dosing and overcoming resistance. The company had a staff of 12 and planned to expand as it moved toward the clinic, considering the rare disease nature of acromegaly which could enable a small company to advance through Phase III with only about 150 patients required. Investors were attracted by the team's track record, including Struthers' prior experience, and the potential in specialty endocrinology. The company continued receiving follow-on investment, including a $63.5 million Series B in 2018 with participation from the same lead investors. Crinetics later went public as NASDAQ: CRNX and advanced its endocrine-focused pipeline.

Who has invested in Crinetics Pharmaceuticals?

6 investors have backed Crinetics Pharmaceuticals across its funding rounds, including Versant Ventures, Vivo Capital, 5AM Ventures, OrbiMed, RA Capital Management and Perceptive Advisors.

Lead investors include Perceptive Advisors and 5AM Ventures.


Crinetics Pharmaceuticals Investors

Investors in Crinetics Pharmaceuticals by funding rounds participated
InvestorHQRoundsRoleFirst check
5AM VenturesUnited StatesUnited States2LeadNov 2015
Versant VenturesUnited StatesSan Francisco, CA2ParticipantNov 2015
Vivo CapitalUnited StatesUnited States2ParticipantNov 2015
RA Capital ManagementUnited StatesBoston, MA1ParticipantMar 2018

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Investments by Crinetics Pharmaceuticals

Crinetics Pharmaceuticals has invested in 1 company to date.

Latest investment by Crinetics Pharmaceuticals was on August 14th 2023. Crinetics Pharmaceuticals invested in Radionetics Oncology in their $53M Series A round.


Latest Investments by Crinetics Pharmaceuticals

Radionetics Oncology
Description
Radionetics Oncology is a San Diego-headquartered pharmaceutical company developing radiotherapeutics for solid tumors including prostate and lung cancers. Its pipeline features alpha-emitting conjugates targeting PSMA and somatostatin receptors for precision therapy. The firm advances candidates through IND-enabling studies with manufacturing at partner CROs. Founded in 2021, Radionetics licenses technology from academic institutions and participates in radiopharma accelerators.
HQ CountryUnited States
HQ City
California City, CA
Deal Date14 Aug 2023
RoundSeries A
Raised$53M
InvestorsGordonMD Global Investments; 5AM Ventures; DCVC Bio; Frazier Life Sciences
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Crinetics Pharmaceuticals Competitors

Crinetics Pharmaceuticals competitors include listed companies like Lupin, Kelun, Krystal Biotech and Axsome Therapeutics, and private ones like Biosplice Therapeutics and Biocon Biologics.

Public and private companies comparable to Crinetics Pharmaceuticals
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
LupinIndiaIndiaPublicly listed$2.9B$871M$10B3.2x
KelunChinaChinaPublicly listed$2.8B$571M$9.9B3.5x
Krystal BiotechUnited StatesUnited StatesPublicly listed$389M$168M$10B19.5x
Axsome TherapeuticsUnited StatesUnited StatesPublicly listed$638M($168M)$10B11.5x
Biosplice TherapeuticsUnited StatesSan Diego, CAPrivate--$12B-
Biocon BiologicsIndiaBangalorePrivate$1.1B-$4.5B4.2x

Crinetics Pharmaceuticals Public Comps

Crinetics Pharmaceuticals is no longer listed, but its public comps include Lupin, Kelun, Krystal Biotech, Axsome Therapeutics, Aurobindo Pharma, Kymera Therapeutics, Dr Reddy's Laboratories, Arrowhead Pharmaceuticals, Mankind Pharma and Zhangzhou Pientzehuang.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Lupin$2.9B$871M3.4x3.2x11.4x11.9x
Kelun$2.8B$571M3.6x3.5x17.4x19.6x
Krystal Biotech$389M$168M23.8x19.5x55.3x42.7x
Axsome Therapeutics$638M($168M)15.7x11.5x(59.7x)(71.0x)
Aurobindo Pharma$3.5B$721M2.9x2.6x14.0x12.7x
Kymera Therapeutics$39M($341M)229.1x102.6x(26.3x)(22.8x)
Dr Reddy's Laboratories$3.5B$789M3.0x2.9x13.3x15.0x
Arrowhead Pharmaceuticals$829M$128M10.7x18.9x69.3x(22.5x)

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Common questions about Crinetics Pharmaceuticals

When was Crinetics Pharmaceuticals founded?Crinetics Pharmaceuticals was founded in 2008.
Where is Crinetics Pharmaceuticals headquartered?Crinetics Pharmaceuticals is headquartered in San Diego, CA, United States.
Is Crinetics Pharmaceuticals publicly listed?No, Crinetics Pharmaceuticals was acquired by Vertex Pharmaceuticals in July 2026.
Who acquired Crinetics Pharmaceuticals?Crinetics Pharmaceuticals was acquired by Vertex Pharmaceuticals in July 2026.
How much was Crinetics Pharmaceuticals acquired for?Crinetics Pharmaceuticals was acquired for $10B in July 2026.
How much funding has Crinetics Pharmaceuticals raised?Crinetics Pharmaceuticals has raised $104M across 2 funding rounds.
What was Crinetics Pharmaceuticals' last funding round?Crinetics Pharmaceuticals' last funding round was a $64M Series B in March 2018, led by Perceptive Advisors.
Who are Crinetics Pharmaceuticals' investors?Crinetics Pharmaceuticals' investors include 5AM Ventures, Versant Ventures, Vivo Capital, RA Capital Management, OrbiMed and Perceptive Advisors.
Which companies are comparable to Crinetics Pharmaceuticals?Companies comparable to Crinetics Pharmaceuticals include Lupin, Kelun, Krystal Biotech, Axsome Therapeutics, Biosplice Therapeutics and Biocon Biologics.
What was Crinetics Pharmaceuticals' market cap before the acquisition?Crinetics Pharmaceuticals had a market cap of $9B in August 2026, its last month on record as a listed company, trading at 181.9x EV/Revenue.
What was Crinetics Pharmaceuticals' revenue as a public company?Crinetics Pharmaceuticals' last reported twelve-month revenue was $43M (August 2026), with EBITDA of ($480M).
How many companies has Crinetics Pharmaceuticals invested in?Crinetics Pharmaceuticals has invested in 1 company, including Radionetics Oncology.
What was Crinetics Pharmaceuticals' last investment?In August 2023, Crinetics Pharmaceuticals invested in Radionetics Oncology's $53M Series A alongside GordonMD Global Investments, 5AM Ventures, DCVC Bio and 1 other investor.

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