Vertex Pharmaceuticals (NASDAQ: VRTX) is the global leader in cystic fibrosis (CF) treatment, and that specialty has helped it generate billions of dollars in earnings. But the company has also spent the past few years developing candidates outside of this treatment area, in an effort to become a well-diversified biotech player.

In fact, Vertex's next product to market may be one that could treat one of the most common problems around -- pain -- and generate blockbuster revenue. The company aims to submit that candidate, VX-548, for regulatory approval by the middle of this year. Meanwhile, though, a young biotech has jumped out of stealth mode to land in the limelight -- and has announced its development of a very similar pain candidate.

Latigo Biotherapeutics recently scored $135 million in Series A financing to help it bring its candidate through phase 1 trials. Could this news hurt Vertex's prospects in the billion-dollar pain market? Let's find out.

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Source Fool.com