Neurocrine Biosciences agreed on 6 April to acquire Soleno Therapeutics for $53.00 per share in cash, a transaction equity value of $2.9bn.
Why Neurocrine Biosciences, Inc. is buying Soleno Therapeutics, Inc.
VYKAT XR is the first and only FDA-approved therapy for hyperphagia in Prader-Willi syndrome and generated $190m of revenue in 2025, including $92m in the fourth quarter. Neurocrine said the drug fits its endocrinology and rare-disease focus alongside INGREZZA and CRENESSITY, and that its intellectual property estate is expected to extend into the mid-2040s.
“Neurocrine is the right strategic partner to expand the reach of VYKAT XR in the Prader-Willi syndrome community”
Deal terms and financing
The $53.00 price was a 34% premium to Soleno's 2 April close and 51% to its 30-day volume-weighted average. The deal was structured as a cash tender offer followed by a merger, funded with cash on hand and a modest amount of pre-payable debt, with no financing condition.
Regulatory approvals and timing
The tender offer expired on 15 May with about 46.4 million shares, or 88.9% of Soleno's stock, tendered. Neurocrine completed the merger on 18 May 2026 and Soleno shares stopped trading on Nasdaq.
Market context
VYKAT XR was approved by the FDA in March 2025 and launched in the US in the second quarter of that year. Neurocrine's other marketed drugs include INGREZZA, which generated $2.51bn of revenue in 2025, and CRENESSITY, approved in December 2024 for classic congenital adrenal hyperplasia.
