Vertex completes $10 billion Crinetics acquisition as Q3 M&A slows

M&A activity in the pharmaceutical sector cooled in the third quarter, with total deal value just under $30 billion across 22 transactions, according to BioSpace.

Vertex Pharmaceuticals completed its July 6 purchase of Crinetics Pharmaceuticals, a deal announced at $10 billion but valued at $8.8 billion after accounting for debt. The acquisition gives the cystic fibrosis specialist a foothold in the specialty endocrinology market.

Eli Lilly remained the most active buyer, closing two deals that bring its year‑to‑date total to $31.7 billion, highlighted by an $8.1 billion purchase of Centessa Pharmaceuticals. Smaller player Tarsus Pharmaceuticals also added two eye‑disease assets, buying iRenix Medical for $567 million and Alkeus Pharmaceuticals for $800 million.