Neurocrine Biosciences, a San Diego, California-based bio/pharmaceutical company, has agreed to acquire Soleno Therapeutics, a Redwood City, California-based bio/pharmaceutical company, for $2.9 billion. 

The acquisition will add Vykat XR (diazoxide choline), a therapy to treat hyperphagia (extreme, insatiable hunger), the defining feature of Prader-Willi syndrome, a rare genetic neurodevelopmental disorder caused by an abnormality in gene expression on chromosome 15 that affects about 10,000 patients in the United States. Vykat XR was approved by the US Food and Drug and Administration (FDA) in 2025. Following FDA approval and successful US launch in the second quarter of 2025, the drug generated $190 million in 2025 revenue, including $92 million for Soleno in the fourth quarter of 2025.  

Under the 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 $53.00 per share. The consummation of the tender offer is subject to customary closing conditions. Following the successful completion of the tender offer, a wholly owned subsidiary of Neurocrine will merge with Soleno and the outstanding Soleno shares not tendered in the tender offer will be converted into the right to receive the same $53.00 per share in cash paid in the tender offer. The Boards of Directors of both companies have approved the transaction, which is expected to close within 90 days of April 6, 2026, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals. 

Source: Neurocrine Biosciences