Why This Pharmaceutical Stock Jumped Close to 100% This Week

Crinetics Pharmaceuticals stock surged 98% this week following Vertex Pharmaceuticals' announcement of a $10 billion acquisition deal. Crinetics, which recently had its first FDA-approved drug (Palsonify) for acromegaly treatment, is now trading just below the $85 per share acquisition price. The deal allows Vertex to diversify beyond its cystic fibrosis focus into rare diseases, with combined assets projected to generate $5 billion in annual revenue.