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International Biotechnology Trust PLC on Tuesday said its portfolio company, Crinetics Pharmaceuticals Inc, entered a deal to be acquired by Vertex Pharmaceuticals Inc in a deal worth $10 billion. IBT, the London-based biotechnology trust, said the acquisition highlights its successful approach to selecting companies. Crinetics, the San Diego, California-based pharmaceutical company, offers a ‘focus on serious diseases in specialty markets with significant unmet need, well-understood causal human biology, and potentially best-in-class medicines that could deliver transformative benefit to patients,’ said Reshma Kewalramani, chief executive and president of Vertex. Vertex noted Crinetics treatments such as Palsonify, an acromegaly disease drug, and Atumelnant, a congenital adrenal hyperplasia drug, as ‘potential blockbuster assets’ in its decision to acquire the company. Vertex expects the combined market opportunity of Palsonify and Atumelnant to represent over $5 billion in peak annual revenue. The transaction, expected to close in the third quarter of 2026, will be financed through a combination of cash on hand and debt, with $4.5 billion of bridge financing from Bank of America Corp and Morgan Stanley. ‘This deal is the eighth acquisition within IBT’s portfolio in 2026, and the 14th over the last year. Our approach to selecting companies, which considers the same factors as pharmaceutical business development teams, continues to demonstrate its effectiveness,’ said Ailsa Craig and Marek Poszepczynski, portfolio managers of IBT. Shares in IBT closed up 4.1% at 1,155.00 pence in London on Tuesday, while Vertex shares traded down 0.9% at $524.36 each in New York on Tuesday, and Crinetics shares soared up 99% to an all-time high of $83.52 each in New York. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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