Crinetics spread tightens after Vertex $10B cash offer puts CRNX shares in merger-arb focus
Crinetics Pharmaceuticals Inc jumped from a biotech launch story to a cash deal after Vertex Pharmaceuticals Inc said it will buy the San Diego company for $85 a share. Shares traded at $83.60 as of 4:28 a.m. ET, up 98.9% premarket. The price was $1.40 per share, or 1.7%, away from the offer. On Monday, volume hit 5.42 million shares, or 420% of the 65-day average, before the deal reset the stock.