BY Fraser Tennant
In its largest M&A deal, US biopharmaceutical company Neurocrine Biosciences is to acquire rare-disease drugmaker Soleno Therapeutics in an all-cash transaction valued at $2.9bn.
Under the terms of the definitive agreement Neurocrine, through a subsidiary, will commence a cash tender offer to acquire all of the outstanding shares of Soleno’s common stock at a price of $53 per share, representing a premium of approximately 34 percent to Soleno’s closing share price on 2 April 2026.
The acquisition of Soleno and the addition of VYKAT XR (diazoxide choline), a first-in-class therapy to treat hyperphagia, the defining feature of Prader-Willi syndrome (PWS), will expand Neurocrine’s portfolio of innovative medicines and strengthen its leadership position in endocrinology and rare disease.
“This transaction will advance Neurocrine's mission to deliver life-changing treatments while accelerating our revenue growth and portfolio diversification strategy,” said Kyle W. Gano, chief executive of Neurocrine Biosciences. “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.”
Following its approval by the Food and Drug Administration and successful US launch in the second quarter of 2025, VYKAT XR has demonstrated strong early adoption, generating $190m in 2025 revenue, including $92m for Soleno in the fourth quarter alone. When supported by Neurocrine’s medical and commercial infrastructure, VYKAT XR is expected to continue to improve care for patients with PWS while delivering long-term value to Neurocrine shareholders.
“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,” said Anish Bhatnagar, chairman and chief executive of Soleno. “We are excited to accelerate VYKAT XR’s impact for PWS patients following completion of the transaction by leveraging Neurocrine's strong commercial capabilities.”
The boards of directors of both companies have approved the transaction, which is expected to close within 90 days of its announcement, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals.
Mr Gano concluded: “We congratulate Soleno on developing and launching VYKAT XR, showing strong results in a complex disease and enabling broad utilisation with a clear label, and we look forward to working together to continue to help patients in need.”
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