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- Crinetics Pharmaceuticals
Crinetics Pharmaceuticals Acquisition, Valuation & Financials
Crinetics Pharmaceuticals was acquired by Vertex Pharmaceuticals for $10B in July 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
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
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$43M (Aug 2026)
Valuation
$10B (acquired Jul 2026)
Sectors
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.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 5 Jul 2026 | Strategic 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
| As of | Market cap | Revenue (LTM) | EBITDA (LTM) | EBITDA margin | EV/Revenue | EV/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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2018 | Series B | Perceptive Advisors (lead); 5AM Ventures; Versant Ventures; Vivo Capital; RA Capital Management; OrbiMed | $64M | Crinetics 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 2015 | Series A | 5AM Ventures (lead); Versant Ventures; Vivo Capital | $40M | Crinetics 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Nov 2015 | ||
| 2 | Participant | Nov 2015 | ||
| 2 | Participant | Nov 2015 | ||
| 1 | Participant | Mar 2018 | ||
This data is available for Pro users. Sign up to see all 6 Crinetics Pharmaceuticals investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialInvestments 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
| 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 Country | |
| HQ City | California City, CA |
| Deal Date | 14 Aug 2023 |
| Round | Series A |
| Raised | $53M |
| Investors | GordonMD Global Investments; 5AM Ventures; DCVC Bio; Frazier Life Sciences |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Crinetics Pharmaceuticals investments and their VC round multiples. Start Free Trial | |
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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2.9B | $871M | $10B | 3.2x | ||
| Publicly listed | $2.8B | $571M | $9.9B | 3.5x | ||
| Publicly listed | $389M | $168M | $10B | 19.5x | ||
| Publicly listed | $638M | ($168M) | $10B | 11.5x | ||
| Private | - | - | $12B | - | ||
| Private | $1.1B | - | $4.5B | 4.2x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.9B | $871M | 3.4x | 3.2x | 11.4x | 11.9x | |||
| $2.8B | $571M | 3.6x | 3.5x | 17.4x | 19.6x | |||
| $389M | $168M | 23.8x | 19.5x | 55.3x | 42.7x | |||
| $638M | ($168M) | 15.7x | 11.5x | (59.7x) | (71.0x) | |||
| $3.5B | $721M | 2.9x | 2.6x | 14.0x | 12.7x | |||
| $39M | ($341M) | 229.1x | 102.6x | (26.3x) | (22.8x) | |||
| $3.5B | $789M | 3.0x | 2.9x | 13.3x | 15.0x | |||
| $829M | $128M | 10.7x | 18.9x | 69.3x | (22.5x) | |||
This data is available for Pro users. Sign up to see all Crinetics Pharmaceuticals competitors and their valuation data. Start Free Trial | ||||||||
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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