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Acquisition · Biotech · Pharmaceuticals · Rare Disease
Neurocrine Biosciences acquired Soleno Therapeutics for $2.9 billion in cash, paying $53 per share, a 34% premium, to add VYKAT XR, an FDA-approved Prader-Willi syndrome treatment, to its portfolio.
Neurocrine will launch a cash tender offer to acquire all outstanding Soleno shares at $53 per share, representing a 34% premium to Soleno's April 2 closing price and 51% to its 30-day volume-weighted average price. The transaction, funded with cash on hand and a modest amount of debt, is expected to close within 90 days.
This acquisition strengthens Neurocrine's presence in endocrinology and rare diseases by integrating VYKAT XR, the first and only FDA-approved treatment for hyperphagia in Prader-Willi syndrome. VYKAT XR generated $190 million in revenue in 2025 following its U.S. launch, with Neurocrine anticipating continued growth supported by its commercial capabilities.
The deal expands Neurocrine's portfolio to three marketed, first-in-class medicines, alongside INGREZZA and CRENESSITY, supporting long-term revenue growth and diversification. In pre-market trading, Soleno Therapeutics stock surged 39.02% to $54.90 on the Nasdaq, while Neurocrine stock was down 2.74% at $128.
