Vertex said it completed its acquisition of Alpine Immune Sciences, Inc. for approximately $5.0 billion in cash on May 20, 2024.

1. 01

   Vertex said it completed its acquisition of Alpine Immune Sciences, Inc. for approximately $5.0 billion in cash on May 20, 2024.

2. 02

   The company expects to account for the acquisition as an asset acquisition. It said it expects to record a one-time, non-deductible Acquired In-Process Research & Development expense of approximately $4.4 billion in Q2 2024.

3. 03

   The company said it expects transaction-related compensation expense of approximately $200 million in Q2 2024, related to the acceleration of unvested awards under Alpine's equity incentive plans. It said this expense will affect its GAAP operating expenses and GAAP net income.

4. 04

   Vertex said the AIPR&D expense will affect GAAP and non-GAAP operating expenses and net income for Q2 2024 and the full year, as well as related full-year guidance. It also said it continues to expect to absorb Alpine's non-GAAP research and development and selling, general and administrative expenses for the remainder of 2024 within the operating expense guidance range it provided on May 6, 2024.

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