Neurocrine Biosciences, Inc. has announced a significant acquisition in the biopharmaceutical space, acquiring Soleno Therapeutics, Inc. for $53.00 per share in cash, which values the transaction at approximately $2.9 billion. The acquisition, which is still subject to customary closing conditions, is poised to enhance Neurocrine’s portfolio with the addition of VYKAT™ XR (diazoxide choline), the first and only FDA-approved treatment specifically for hyperphagia in Prader-Willi syndrome (PWS).
This move expands Neurocrine’s high-growth commercial portfolio, which now includes three first-in-class medications: VYKAT XR, INGREZZA® (valbenazine), and CRENESSITY® (crinecerfont). VYKAT XR has shown promising early adoption, generating $190 million in revenue for 2025, including an impressive $92 million in the fourth quarter alone.
The leadership at Neurocrine expressed enthusiasm over the merger. Dr. Kyle W. Gano, CEO of Neurocrine, highlighted that this acquisition aligns with the company’s mission to deliver life-altering treatments while increasing revenue growth and diversifying its product lineup. He acknowledged Soleno’s dedication to the PWS community and emphasized the potential for VYKAT XR to improve patient care once integrated with Neurocrine’s existing resources.
Dr. Anish Bhatnagar, CEO of Soleno, echoed similar sentiments, stating that Neurocrine is an ideal partner to amplify VYKAT XR’s reach due to its expertise in rare diseases and endocrinology.
PWS is a rare genetic disorder affecting around 10,000 individuals in the U.S., characterized by severe metabolic and behavioral abnormalities, most notably hyperphagia, which leads to chronic hunger and significant health risks. VYKAT XR offers a much-needed therapeutic option for individuals aged four and older suffering from this debilitating condition.
This acquisition enables Neurocrine to strengthen its leadership position in endocrinology and rare disease treatments. By integrating VYKAT XR, the company aims to provide a foundational first-line therapy for PWS, supported by an extensive intellectual property portfolio expected to last until the mid-2040s.
Financially, the integration of Soleno is anticipated to bolster Neurocrine’s diversified revenue base while enhancing its growth profile. The firm plans to fund this acquisition through cash reserves and a modest amount of pre-payable debt, devoid of financing conditions, and the transaction is expected to close within 90 days pending regulatory approval.
In conjunction with this announcement, Neurocrine is set to host a conference call to discuss the transaction in greater detail. Interested parties can join this discussion via teleconference or by accessing a live webcast on Neurocrine’s investor relations website.
With its pursuit of innovative solutions to complex health issues, Neurocrine reinforces its commitment to easing the burden of serious medical conditions through this strategic acquisition.
