Crinetics to Cut 78 Jobs Under Vertex After $10B Buyout

Crinetics Pharmaceuticals, the San Diego drug maker that Vertex Pharmaceuticals bought for about $10 billion, will let go of 78 employees, BioSpace reported. The cuts take effect on Jan. 4, 2027. Crinetics disclosed them about two months after Vertex closed the deal.

What happened

BioSpace said it obtained the full WARN Act notice for the layoffs. Crinetics is now a wholly owned subsidiary of Vertex, which is based in Boston.

Crinetics had 594 full-time employees as of Feb. 13, according to the company's annual filing cited by BioSpace. On that count, the cuts could reach around 13% of staff.

Most of the affected jobs are in corporate functions, BioSpace reported. These include:

• finance and IT
• business development and corporate strategy
• human resources and talent acquisition
• marketing and communications

Medical writing, regulatory operations and quality assurance roles are also on the list. Many of the people affected work remotely, and a number of them live outside California, according to BioSpace.

Why it matters

Vertex agreed to the deal in July. The company put the total equity value at about $10.0 billion, or about $8.8 billion net of the cash it expected to acquire. Vertex said it completed the purchase on Sept. 1, 2026, after regulatory clearance and a Crinetics shareholder vote.

The deal gave Vertex Palsonify, a once-daily pill for acromegaly. Vertex describes it as the first and only once-daily oral therapy for the rare hormone disorder. It also brought atumelnant, which is in phase 3 testing for congenital adrenal hyperplasia and phase 2 for Cushing's syndrome.

Vertex said the two drugs have the potential to bring in more than $5 billion a year combined at peak. It named rare endocrine diseases as its next area of growth. BioSpace, citing analysts at BMO Capital Markets, called it the largest acquisition in Vertex's history.

What it means for people in the industry

The cuts reach beyond San Diego because many of the roles are remote. Most of the cuts fall on corporate teams such as finance, human resources and marketing. Regulatory operations and quality assurance staff are also affected.

Vertex has put its chief operating and financial officer, Charles Wagner, in charge of the integration. Watch for how Vertex staffs the Palsonify launch and the atumelnant trials as the two companies combine.

See open pharma jobs in the US and Canada

Sources

• Layoff Tracker: Capricor lays off 10% of workforce ahead of key DMD decision, BioSpace
• Vertex Completes Acquisition of Crinetics Pharmaceuticals and Announces Expansion of Executive Leadership Team, Vertex Pharmaceuticals via Business Wire (BioSpace)