Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc.
Type	Subsidiary
ISIN	US22663K1079
Industry	Pharmaceuticals, Medical technology
Founded	2008
Defunct	2026
Fate	Merged with Vertex Pharmaceuticals
Headquarters	San Diego, California , United States
Key people	Scott Struthers (co-founder) Stephen F. Betz (co-founder)
Revenue	US$9.4 million (2024)[1]
Operating income	US$−94.74 million (2024)[1]
Net income	US$−80.6 million (2024)[1]
Total assets	US$1.4 billion (2024)[1]
Total equity	US$1.3 billion (2024)[1]
Number of employees	437 (2024)[2]
Parent	Vertex Pharmaceuticals Inc.
Website	crinetics.com

Crinetics Pharmaceuticals was a global pharmaceutical company known for developing drugs for the treatment of endocrine-related diseases.^[3][4][5] It was founded by Scott Struthers, Frank Zhu, Ana Kusnetzow, and Stephen F. Betz in 2008 and is headquartered in San Diego, California.^[6][7] It went public on NASDAQ in 2018.^[8][7]

In July 2026, Vertex Pharmaceuticals agreed to acquire the company for $10 billion. The acquisition closed in September of 2026.

Struthers, Zhu, Kusnetzow, and Betz founded Crinetics in 2008 after previously working together on a small molecule drug for the treatment of endometriosis at Neurocrine Biosciences.^[6]

Crinetics expanded into a larger laboratory in 2010.^[9] After receiving NIH grant funding, Crinetics moved into its second laboratory.^[6]

In 2011, Crinetics Pharmaceuticals competed for the Michelson Prize, a competition sponsored by the Found Animals Foundation to develop a low-cost, non-surgical method for sterilizing dogs and cats, which would later lead to the licensing of a molecule for the treatment of acromegaly in large breed dogs.^[3][10][11]

Crinetics first synthesized its lead drug candidate to treat acromegaly. The drug was named paltusotine, in 2016.^[12][13] Crinetics Pharmaceuticals went public with an IPO in 2018.^[8][14][15] It conducted Phase II trials for paltusotine from 2019 to 2020.^[12] It conducted Phase III trials for paltusotine from 2021 to 2024.^[12][16][17] After the drug succeeded in a second Phase III study, the FDA accepted the company's new drug application for paltusotine and the company announced it was planning for a 2025 launch for the drug.^[16][18][19] The FDA set a Prescription Drug User Fee Act for the drug on September 25, 2025.^[20][21]

In 2021, Crinetics, together with 5AM Ventures and Frazier Healthcare Partners, formed an independently operated new company, Radionetics Oncology, aimed to develop a deep pipeline of novel, targeted, nonpeptide radiopharmaceuticals for the treatment of a broad range of oncology indications.^[22]

Crinetics partnered with the veterinary medicine company Loyal to develop a pill to extend the lifespans of large dogs in 2023.^[10]

In 2024, Scott Struthers received the Ernst & Young Entrepreneur of the Year Award for his work with Crinetics.^[23] In 2024, Crinetics was reported to have patent activity in rare diseases, health technology, and addiction therapies.^[24]

In 2024, Radionetics formed a strategic relationship with Eli Lilly and Company to take forward Radionetics’ proprietary GPCR targeting small molecule radiopharmaceuticals.^[25] Under the terms of the agreement, Radionetics received a $140 million upfront cash payment. As part of the strategic agreement, Lilly obtained the exclusive right to acquire Radionetics upon conclusion of an exercise period for $1 billion.^[26][25][27]

Crinetics also established its first office outside the United States in Zug, Switzerland in 2024.^[28]

In 2025, Crinetics Pharmaceuticals plans to file an Investigational New Drug for an oral thyroid stimulating hormone receptor antagonist and its nonpeptide drug conjugate (CRN09682).^[29] A total of four development candidates are currently in IND-enabling studies, including a PTH antagonist (Hyperparathyrodism), non-peptide drug conjugate (NETs and SST2-expressing solid tumors), TSH antagonist (Graves’ disease & TED) and SST3 agonist (ADPKD).^[30]

In July 2026, Vertex Pharmaceuticals agreed to acquire Crinetics for $10 billion.^{[31][32][33][34]}

Crinetics’ pipeline focuses on synthesizing novel molecules for rare endocrine diseases.^[35] It is most known for developing paltusotine, a drug designed to treat the hormonal disorder acromegaly.^[12][16] Paltusotine works by helping moderate elevated IGF-1 levels, which is the main symptom of acromegaly.^[36] Paltusotine has also been tested as a treatment for carcinoid syndrome.^[37]

Crinetics has also developed oral treatments for neuroendocrine tumors, hyperinsulism, and Cushing's disease.^[38] The company's drug for treating Cushing's disease, Atumeltnant (also known as CRN049894), works by reducing levels of ACTH.^[39][40]

The company's pipeline also includes an oral parathyroid hormone inhibitor program for hyperparathyroidism and treatments for thyroid eye disease, Graves' disease, and obesity.^[41] Additionally, Crinetics nonpeptide drug conjugates (NDCs) include CRN09682, which is a somatostatin receptor 2 (SST2) targeted drug. NDCs are a new technology developed in-house by Crinetics.^[42][43]