Vertex Pharmaceuticals Incorporated · NASDAQ:VRTX
Vertex Pharmaceuticals — Merger or Acquisition (July 2026)
17 slides from Vertex Pharmaceuticals's merger presentation, Jul 6, 2026
Slide 1: Vertex Pharmaceuticals Acquisition of Crinetics Pharmaceuticals
VERTEX PHARMACEUTICALS ACQUISITION OF CRINETICS PHARMACEUTICALS July 6, 2026 Presentation intended for the investment community ©2026 Vertex Pharmaceuticals Incorporated ©2026 Vertex Pharmaceuticals Incorporated
Slide 2: Forward-Looking Statements and Non-GAAP Financial Information
Forward-Looking Statements and Non-GAAP Financial Information This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 related to Vertex, Crinetics and the proposed acquisition of Crinetics by Vertex (the “Transaction”) that a
Slide 3: Vertex to acquire Crinetics Pharmaceuticals for $10B ($8.8B net of cash)
Vertex to acquire Crinetics Pharmaceuticals • Vertex to acquire Crinetics for $85/share in cash; unanimously approved by both Boards of Directors for $10B ($8.8B net of cash) • Compelling fit with Vertex strategy: potential best-in- class commercialized and Phase 3 endocrinology assets with combined
Slide 4: Crinetics Pharmaceuticals: Focused on specialty serious endocrine disorders
Crinetics Pharmaceuticals: Focused on discovery, development, commercialization of novel, small molecules for specialty serious endocrine disorders with large unmet need • World-class R&D capabilities and capital-efficient development model in specialty endocrinology markets • GPCR drug discovery pl
Slide 5: Crinetics Pharmaceuticals is a strong strategic fit for Vertex
Crinetics Pharmaceuticals is a strong strategic fit for Vertex VERTEX CRITERIA Acromegaly CAH + ADCS PALSONIFY atumelnant Investment of majority of OpEx in R&D and BD/external innovation Serious diseases with high unmet need Revenue growth: high operating margins and DIFFERENTIATED Creation of h
Slide 6: Acromegaly is a serious endocrine disease with high unmet need
Acromegaly is a serious endocrine disease with high unmet need • ~20,000 patients diagnosed with acromegaly in the U.S.; another 35,000+ outside the U.S. • A rare hormonal disease most often caused by a benign pituitary adenoma that leads to excess growth hormone; results in enlargement of hands and
Slide 7: PALSONIFY is an oral, small molecule agonist with strong early launch dynamics
PALSONIFY is an oral, small molecule agonist with strong early launch dynamics FDA & EMEA approved for acromegaly; U.S. launch October 2025 Differentiated profile vs. SRLs Somatotropic axis BIC potential for efficacy, speed/duration of response, administration, dosing frequency, patient preference G
Slide 8: PALSONIFY demonstrated strong outcomes in both switch and naïve patients
PALSONIFY demonstrated strong outcomes in both “switch” and “naïve” patients Primary Endpoint Patients with IGF-1 ≤1x ULN PATHFNDR-1 PATHFNDR-2 “Switch” patients from injected depot SRLs Naïve/untreated patients 2–4 weeks Symptom benefit No serious AEs to IGF-1 normalization in most patients improve
Slide 9: PALSONIFY addresses significant gaps in current standard of care; strong initial uptake
PALSONIFY addresses significant gaps in current standard of care; strong initial uptake Market research indicates high target HCP awareness & positive perception Unmet need: Only 18% of patients remain PALSONIFY poised to become standard of care on injectable SRLs at ~3 years1 ✓ Strong HCP awareness
Slide 10: PALSONIFY: First-line oral therapy for all patient types
PALSONIFY: First-line oral therapy that offers unique attributes to physicians and all patient types in a specialty market disease area with high unmet need Creates significant market opportunity 1 2 3 High unmet need PALSONIFY is the only HCPs see PALSONIFY across patient groups oral for all patien
Slide 11: CAH is a rare genetic endocrine disease with high unmet need
CAH is a rare genetic endocrine disease with high unmet need • ~17,000 patients diagnosed with classic CAH in the U.S. (~12,000 adults/~5,000 pediatrics); another 15,000+ outside the U.S • Due to lack of adrenal enzyme activity, patients lack the ability to produce cortisol and accumulate high level
Slide 12: Atumelnant is an oral, small molecule antagonist targeting the ACTH receptor
Atumelnant is an oral, small molecule antagonist targeting the ACTH receptor Currently in pivotal development for adults with CAH and in Phase 2/3 for pediatrics Mechanism of action Hypothalamic-pituitary-adrenal axis • Adrenocorticotropic hormone (ACTH) receptor antagonist that selectively blocks t
Slide 13: Atumelnant drove robust A4 reduction, sustained even with glucocorticoids
Atumelnant has potential to address significant unmet need and become SoC in CAH Goal of disease-modifying therapy: normalize androgens (A4) at physiologic glucocorticoid (GC) doses — and maintain Atumelnant drove robust A4 reduction, sustained even with glucocorticoids reduced to physiologic lev
Slide 14: Crinetics' pipeline contains multiple additional areas of opportunity for Vertex
Crinetics’ pipeline contains multiple additional potential areas of opportunity for Vertex Atumelnant expansion opportunity in ACTH-dependent Cushing’s syndrome (ADCS) ADCS Pathophysiology • Another serious, rare endocrine disease with high unmet need • 5-year survival rate ~50% if left untreated ↓
Slide 15: Transaction terms and financial overview
Transaction terms and financial overview • Vertex has agreed to acquire all outstanding shares of Crinetics for $85/share in an all-cash transaction Transaction • $10.0B equity valuation, $8.8B net of cash summary • Unanimously approved by Boards of both companies • Expected close Q3:26, subject to
Slide 16: Vertex 5 launches in 5 years goal achieved early with Crinetics acquisition
Vertex 2023 Goal of “5 launches in 5 years” achieved early with Crinetics acquisition Also adds 5th pillar to enhance VRTX revenue growth and long-term earnings profile Cystic fibrosis Heme Pain Renal Endocrine • PALSONIFY • Atumelnant • CAH • ALYFTREK • CASGEVY SCD • JOURNAVX • Pove IgAN • ADCS • T
Slide 17: Vertex to acquire Crinetics Pharmaceuticals for $10B ($8.8B net of cash)
Vertex to acquire Crinetics Pharmaceuticals • Vertex to acquire Crinetics for $85/share in cash; unanimously approved by both Boards of Directors for $10B ($8.8B net of cash) • Compelling fit with Vertex strategy: potential best-in- class commercialized and Phase 3 endocrinology assets with combined
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