Crinetics CSO cashed out at $85 in Vertex buyout
Rhea-AI Filing Summary
Crinetics Pharmaceuticals, Inc. (CRNX) reports that Chief Scientific Officer Stephen F. Betz had his equity interests canceled and settled in cash in connection with the merger under which Crinetics became a wholly owned subsidiary of Vertex Pharmaceuticals Incorporated. On September 1, 2026, all common shares and restricted stock units were converted into the right to receive $85.00 per share in cash, subject to tax withholding. On the same date, multiple outstanding stock options were canceled: options with exercise prices below $85.00 were converted into cash equal to the $85.00 merger consideration minus the applicable exercise price per option share, while options with exercise prices at or above $85.00 were canceled for no consideration. A total of 13 disposition-to-issuer transactions were reported, reflecting this merger-driven cancellation and cash-out of Betz’s equity awards.
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Insights
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Insider Trade Summary
Disposition: 905,240 shares
Disposition
13 txns
Insider
Betz Stephen F.
Role
Chief Scientific Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Stock Option (Right to Buy) F4, F5 | 90,514 | $83.09 | $7.52M |
| Disposition | Stock Option (Right to Buy) F4, F5 | 74,540 | $75.72 | $5.64M |
| Disposition | Stock Option (Right to Buy) F4, F5 | 56,250 | $59.81 | $3.36M |
| Disposition | Stock Option (Right to Buy) F4, F5 | 60,000 | $62.39 | $3.74M |
| Disposition | Stock Option (Right to Buy) F4, F5 | 85,000 | $69.71 | $5.93M |
| Disposition | Stock Option (Right to Buy) F4, F5 | 15,000 | $61.81 | $927K |
| Disposition | Stock Option (Right to Buy) F4, F5 | 77,000 | $64.98 | $5.00M |
| Disposition | Stock Option (Right to Buy) F4, F5 | 110,000 | $65.36 | $7.19M |
| Disposition | Stock Option (Right to Buy) F4, F5 | 87,000 | $41.49 | $3.61M |
| Disposition | Stock Option (Right to Buy) F4, F5 | 65,000 | $48.14 | $3.13M |
| Disposition | Stock Option (Right to Buy) F4, F5 | 47,000 | $41.21 | $1.94M |
| Disposition | Common Stock F1, F2 | 58,286 | $85.00 | $4.95M |
| Disposition | Common Stock F3 | 79,650 | $85.00 | $6.77M |
Holdings After Transaction:
Stock Option (Right to Buy) — 0 contracts (Direct);
Common Stock — 0 shares (Direct)
Footnotes (5)
- F1. Includes 835 shares acquired under the Issuer's Employee Stock Purchase Plan.
- F2. Pursuant to the Agreement and Plan of Merger, dated as of July 6, 2026 (the "Merger Agreement"), by and among Crinetics Pharmaceuticals, Inc., a Delaware corporation (the "Company"), Vertex Pharmaceuticals Incorporated, a Massachusetts corporation ("Parent"), and Clark Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("Merger Sub"), Merger Sub merged with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent (the "Merger"), effective as of September 1, 2026 (the "Effective Time"). At the Effective Time, each share of common stock of the Company, par value $0.001 per share (the "Company Common Stock"), issued and outstanding immediately prior to the Effective Time, except as provided in the Merger Agreement, was canceled and automatically converted into the right to receive $85.00 per share in cash, without interest and subject to any applicable tax withholdings (the "Merger Consideration").
- F3. The transaction reported on this line reflects the cancellation in the Merger of restricted stock units of the Company (each, a "Company RSU"), each of which represented a contingent right to receive one share of the Issuer's Common Stock. Immediately prior to the Effective Time, each Company RSU that was then outstanding but not vested became immediately vested in full. At the Effective Time, each outstanding Company RSU was canceled and converted into the right to receive an amount in cash equal to the Merger Consideration, less any applicable tax withholding.
- F4. The transaction reported on this line reflects the cancellation in the Merger of options to purchase shares of Company Common Stock (each, a "Company Stock Option"). Immediately prior to the Effective Time, each Company Stock Option that was then outstanding but not vested became immediately vested in full. At the Effective Time, (i) each outstanding Company Stock Option having a per share exercise price less than the Merger Consideration was canceled and converted into the right to receive an amount in cash equal to the difference between the Merger Consideration and the applicable per share exercise price, less any applicable tax withholding, and (ii) any Company Stock Option having a per share exercise price equal to or greater than the Merger Consideration was canceled for no consideration.
- F5. The transaction reported on this line reflects the cancellation in the Merger of Company Stock Options having a per share exercise price less than the Merger Consideration and the price reported in Column 8 represents the difference between the Merger Consideration and the applicable per share exercise price of the Company Stock Options.
Key Figures
Merger Consideration per Share: $85.00 per share
Common Stock Disposition 1: 58,286 shares at $85.00
Common Stock Disposition 2 (RSUs): 79,650 shares at $85.00
+4 more
7 metrics
Merger Consideration per Share
$85.00 per share
Cash consideration for each share of Crinetics common stock at the effective time of the merger
Common Stock Disposition 1
58,286 shares at $85.00
Common shares canceled and converted into cash at the merger consideration, including 835 ESPP shares
Common Stock Disposition 2 (RSUs)
79,650 shares at $85.00
Restricted stock units canceled and converted into cash equal to the merger consideration per unit
Stock Option Block 1
90,514 options; exercise price $1.91; cash per option $83.09
Options canceled in merger; cash per option share equals $85.00 minus $1.91
Stock Option Block 2
74,540 options; exercise price $9.28; cash per option $75.72
Options canceled in merger; cash per option share equals $85.00 minus $9.28
Stock Option Block 3
56,250 options; exercise price $25.19; cash per option $59.81
Options canceled in merger; cash per option share equals $85.00 minus $25.19
Total Disposition Transactions
13 transactions
Comprises 11 derivative and 2 non-derivative disposition-to-issuer transactions on September 1, 2026
Key Terms
Merger Consideration, Agreement and Plan of Merger, restricted stock units, Company Stock Option, +1 more
5 terms
Merger Consideration financial
"was canceled and automatically converted into the right to receive $85.00 per share in cash"
Merger consideration is the total payment a company or buyer offers to shareholders of a target company in exchange for combining the two businesses, and can include cash, shares in the surviving company, debt assumption, or a mix of these. Investors care because the form and amount affect the deal’s value, tax consequences, immediate cash received versus future ownership, and the risk and upside of holding new shares — similar to choosing between cash now or stock that could grow later.
Agreement and Plan of Merger regulatory
"Pursuant to the Agreement and Plan of Merger, dated as of July 6, 2026"
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
restricted stock units financial
"reflects the cancellation in the Merger of restricted stock units of the Company"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Company Stock Option financial
"reflects the cancellation in the Merger of options to purchase shares of Company Common Stock"
wholly owned subsidiary financial
"with the Company surviving as a wholly owned subsidiary of Parent"
A wholly owned subsidiary is a company whose entire ownership is held by another company (the parent), so the parent controls decisions, operations, and finances. Think of it as a fully controlled branch that runs as its own legal entity but whose results flow straight into the parent’s financial statements; investors watch these structures because they affect consolidated revenue, risk exposure, and how profits, liabilities, and cash flow are allocated across the corporate group.
FAQ
What happened to Stephen F. Betz’s CRNX common stock in this Form 4?
All reported common shares were canceled in the merger and converted into the right to receive $85.00 per share in cash, subject to tax withholding, as part of Crinetics’ acquisition by Vertex Pharmaceuticals.
How were Stephen F. Betz’s CRNX restricted stock units treated in the merger?
Each restricted stock unit became fully vested immediately before the effective time and was then canceled and converted into a cash payment equal to the $85.00 merger consideration per unit, less any applicable tax withholding.
What happened to Stephen F. Betz’s CRNX stock options with exercise prices below $85?
Each such option was canceled at the merger and converted into cash equal to the difference between the $85.00 merger consideration and its per share exercise price, for each underlying option share, less applicable tax withholding.
What happened to CRNX stock options with exercise prices at or above $85 for Stephen F. Betz?
Any Crinetics stock option with a per share exercise price equal to or greater than $85.00 was canceled in the merger for no consideration, according to the described treatment of Company Stock Options.
How many transactions are reported for Stephen F. Betz in this CRNX Form 4?
The filing reports 13 disposition transactions in total, consisting of 11 derivative transactions related to stock options and 2 non-derivative transactions related to common stock and restricted stock units.
Did Crinetics Pharmaceuticals (CRNX) remain independent after these transactions?
No. Crinetics Pharmaceuticals became a wholly owned subsidiary of Vertex Pharmaceuticals Incorporated after the merger, with all outstanding common shares converted into the right to receive $85.00 per share in cash.
AI-generated analysis. How Rhea-AI works. Not financial advice.
