Neurocrine Biosciences (NASDAQ:NBIX) has agreed to acquire Soleno Therapeutics (NASDAQ:SLNO) in an all-cash transaction valued at approximately $2.9 billion.
Under the terms of the agreement, Neurocrine will pay $53 per share for Soleno, representing a premium of about 34% over Soleno’s closing stock price on April 2 and roughly 51% above its 30-day average.
Shares of Soleno surged more than 32% to about $52 before Monday’s opening bell, while Neurocrine stock was down 2% at $129.
The acquisition is focused on Soleno’s lead product, VYKAT XR (diazoxide choline), a treatment for hyperphagia associated with Prader-Willi syndrome. The therapy, approved by the US Food and Drug Administration in 2025, is the first medication specifically indicated for this condition, which is characterized by persistent hunger and can lead to serious health complications.
Prader-Willi syndrome affects an estimated 10,000 people in the United States and involves a range of neurological, metabolic, and behavioral symptoms. Hyperphagia, its most prominent feature, often results in compulsive food-seeking behavior and increased risk of morbidity.
VYKAT XR generated approximately $190 million in revenue in 2025, including $92 million in the fourth quarter, reflecting early adoption following its commercial launch. Neurocrine said it plans to leverage its existing infrastructure to expand access to the therapy and support continued growth.
The transaction is expected to strengthen Neurocrine’s position in endocrinology and rare diseases, adding to its portfolio of marketed treatments, including INGREZZA for movement disorders and CRENESSITY for congenital adrenal hyperplasia.
"This transaction will advance Neurocrine's mission to deliver life-changing treatments while accelerating our revenue growth and portfolio diversification strategy,” Neurocrine CEO Kyle Gano said in a statement.
“We share the Soleno team's deep commitment to the Prader-Willi syndrome community and look forward to leveraging our experience and capabilities to expand VYKAT XR's reach to benefit more patients, while further strengthening Neurocrine's leadership in delivering transformative medicines.”
The deal has been approved by the boards of both companies and is expected to close within 90 days, pending regulatory approvals and other customary conditions.