Vertex Pharmaceuticals is making the largest acquisition bet in its history, announcing late Monday an agreement to purchase a biotechnology company, Crinetics Pharmaceuticals, that recently brought to market a new kind of medicine for a rare hormonal disorder.
Vertex is paying $85 per share in cash, or $10 billion overall, for Crinetics. The deal ranks as the fourth largest, by total proceeds, in an already busy year for biotech company acquisitions, according to BioPharma Dive data. Additiona