Neurocrine Biosciences announced it has entered into a definitive agreement to acquire Soleno Therapeutics in a transaction valued at approximately $2.9 billion, strengthening its position in endocrinology and rare disease treatments while adding a newly launched, first-in-class therapy to its commercial portfolio.
Under the terms of the agreement, Neurocrine will acquire Soleno for $53.00 per share in cash, representing a premium of about 34% to Soleno’s closing share price on April 2, 2026, and a 51% premium to its 30-day volume-weighted average price. The transaction is expected to close within 90 days, subject to customary conditions and regulatory approvals.
The acquisition centers on VYKAT XR (diazoxide choline), the first and only FDA-approved treatment for hyperphagia in Prader-Willi syndrome (PWS), a rare genetic disorder affecting roughly 10,000 patients in the United States. The therapy generated $190 million in revenue in 2025 following its launch, including $92 million in the fourth quarter, reflecting strong early adoption.
With the addition of VYKAT XR, Neurocrine will expand its portfolio to three marketed first-in-class medicines, alongside INGREZZA (valbenazine), which generated $2.51 billion in 2025 revenue, and CRENESSITY (crinecerfont), which contributed $301 million in revenue in 2025. The company expects this combination to support sustained growth and diversification through the remainder of the decade.
The deal also provides Neurocrine with long-term value potential, supported by VYKAT XR’s intellectual property protection, which is expected to extend into the mid-2040s. The company believes the therapy will become a foundational treatment for PWS and aligns with its strategic focus at the intersection of neuroscience and endocrinology.
Prader-Willi syndrome is characterized by neurological, behavioral, and metabolic dysfunction, with hyperphagia being the defining and most life-threatening symptom. Patients often experience persistent hunger and compulsive food-seeking behavior, along with cognitive impairment and psychiatric challenges, significantly impacting quality of life.
Neurocrine expects the acquisition to enhance its commercial capabilities, expand its reach in rare disease markets, and generate operational efficiencies through integration with its existing infrastructure. The transaction will be funded through cash on hand and a modest amount of pre-payable debt, with no financing condition attached.
Following completion, the combined organization is expected to deliver a more diversified and durable revenue base while continuing to advance its pipeline and long-term innovation strategy.
KEY QUOTES:
“This transaction will advance Neurocrine’s mission to deliver life-changing treatments while accelerating our revenue growth and portfolio diversification strategy. 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. We congratulate Soleno on developing and launching VYKAT XR, showing strong results in a complex disease and enabling broad utilization with a clear label, and we look forward to working together to continue to help patients in need.”
Kyle W. Gano, Ph.D., Chief Executive Officer, Neurocrine Biosciences
“Neurocrine is the right strategic partner to expand the reach of VYKAT XR in the Prader-Willi syndrome community given their experience in endocrinology and rare disease and their proven ability to execute successful commercial launches. We are excited to accelerate VYKAT XR’s impact for PWS patients following completion of the transaction by leveraging Neurocrine’s strong commercial capabilities.”
Anish Bhatnagar, M.D., Chairman And Chief Executive Officer, Soleno Therapeutics
