Neurocrine Biosciences, Inc. has entered into a definitive agreement to acquire Soleno Therapeutics, Inc. in an all-cash transaction valued at approximately $2.9 billion, marking a major expansion of Neurocrine’s presence in rare diseases and endocrinology.
Under the terms of the agreement, Neurocrine will pay $53.00 per share for Soleno, reflecting a significant premium and underscoring confidence in Soleno’s lead therapy, VYKAT™ XR (diazoxide choline). The drug is a first-in-class treatment targeting hyperphagia, the hallmark symptom of Prader-Willi syndrome (PWS), a rare genetic disorder characterized by persistent hunger and severe metabolic and behavioral complications.
The acquisition is expected to significantly strengthen Neurocrine’s commercial portfolio by adding VYKAT XR, which has already demonstrated strong early market uptake. Following its approval by the U.S. Food and Drug Administration and U.S. launch in the second quarter of 2025, the therapy generated $190 million in revenue during the year, including $92 million in the fourth quarter alone.
Prader-Willi syndrome affects approximately 10,000 individuals in the United States and is caused by abnormalities in gene expression on chromosome 15. The condition leads to a range of neurological, cognitive, and metabolic challenges, with hyperphagia posing a life-threatening risk due to compulsive eating behaviors. Currently, VYKAT XR stands as the first and only FDA-approved treatment specifically addressing this critical symptom.
Neurocrine’s leadership emphasized that the transaction aligns with its long-term strategy to deliver innovative, first-in-class therapies while expanding its revenue base. The addition of VYKAT XR will complement its existing portfolio, which includes INGREZZA®, a leading treatment for movement disorders, and CRENESSITY®, approved for congenital adrenal hyperplasia.
Soleno’s CEO, Anish Bhatnagar, noted that Neurocrine’s expertise in rare diseases and proven commercial capabilities make it an ideal partner to broaden the reach of VYKAT XR and accelerate its impact for patients with PWS.
Following the completion of the acquisition, Soleno will be integrated into Neurocrine’s operations, with expectations of achieving cost synergies and operational efficiencies. The deal is also anticipated to enhance Neurocrine’s growth trajectory by diversifying revenues and leveraging its established infrastructure to support continued innovation.
Industry observers view the transaction as part of a broader trend toward consolidation in the biotechnology sector, particularly around companies developing specialized therapies for rare and underserved conditions. By combining resources and expertise, Neurocrine aims to solidify its leadership in delivering transformative treatments for complex diseases while creating sustained value for patients and shareholders alike.