VRTX · 10-Q · 2026Q3 · Full report

Crinetics Acquisition Financing

VERTEX PHARMACEUTICALS INC / MA · 2026-11-03 · Importance 71 · Surprise 60 · Matches filing data

In September 2026, Vertex acquired Crinetics for $85.00 per share in cash, a total equity value of $10.0 billion, or $9.0 billion net of acquired cash, cash equivalents and marketable securities. Vertex funded the transaction with cash and $4.5 billion borrowed under its 2026 Term Loan. The loan is repayable in installments of $1.0 billion in August 2027, $1.0 billion in September 2028, and $2.5 billion in August 2029, and can be prepaid without penalty. Vertex reported that the acquisition and share repurchases contributed to cash, cash equivalents and marketable securities falling to $9.8 billion at September 30, 2026, from $12.3 billion at December 31, 2025; it expects future interest expense to rise following the borrowing.

Key facts

• Vertex must repay the $4.5 billion 2026 Term Loan in installments of $1.0 billion in August 2027, $1.0 billion in September 2028 and $2.5 billion in August 2029. source
• Vertex funded the Crinetics acquisition using cash, cash equivalents and marketable securities and $4.5 billion of proceeds from the 2026 Term Loan. source
• Vertex entered into a $4.5 billion term loan in July 2026 to finance part of the Crinetics acquisition and borrowed the entire amount in September 2026. source

Impact estimates