Crinetics Pharmaceuticals Stock Doubles After The Close: Here's Why

Crinetics Pharmaceuticals (NASDAQ:C) stock was trading significantly higher in the after-hours session on Monday. The company announced that it has entered into a definitive agreement to be acquired by Pfizer (NYSE:PFE) for $6.1 billion, or $43 per share.

The acquisition is expected to close in the second half of 2024, subject to customary closing conditions, including regulatory approvals.

Crinetics Pharmaceuticals is a late clinical-stage biopharmaceutical company focused on developing novel therapeutics for rare endocrine diseases.