REDWOOD CITY, Calif., April 6, 2026, 15:08 PDT
- Neurocrine is set to acquire Soleno, paying $53 per share in cash and putting the deal’s equity value at $2.9 billion.
- Soleno shares ended at $52.25, nearly matching the cash offer.
- Neurocrine picks up Vykat XR through the deal, securing the only U.S.-approved therapy targeting hyperphagia in Prader-Willi syndrome.
Neurocrine Biosciences is set to buy Soleno Therapeutics Inc. in a $2.9 billion all-cash transaction announced Monday, offering $53 per share to Soleno holders. Shares of the rare-disease specialist traded at $52.25, just shy of the bid.
This deal is significant right now, as it hands Neurocrine a fresh entry: a newly commercialized drug targeting Prader-Willi syndrome, an uncommon genetic disease. Vykat XR stands out as the only FDA-sanctioned therapy in the U.S. for hyperphagia — a dangerous, persistent hunger that leads to compulsive food-seeking.
Soleno is moving on from Vykat XR a little over a year after scoring FDA approval on March 26, 2025, and not quite a year after rolling it out to the market on April 14, 2025. The companies report $190 million in revenue from the drug for 2025, with IP protection stretching into the mid-2040s.
Neurocrine said picking up the new drug expands its rare-disease portfolio, which already includes two marketed treatments. Ingrezza generated $2.51 billion in revenue for 2025, while Crenessity added $301 million. That puts Vykat XR as the company’s third commercial product, though it’s just getting started.
Kyle Gano, the chief executive, described Vykat XR as “a potential blockbuster in the making.” Neurocrine isn’t looking to bring the drug to Europe yet, choosing to stick with the U.S. market for the time being. Reuters
Analysts sounded optimistic after the news. RBC Capital’s Brian Abrahams called the deal a “third leg to the story” for Neurocrine. Cantor’s Josh Schimmer projected Vykat XR might cross $1 billion in yearly sales by 2029. Reuters
The $53 per share bid is 34% above where Soleno ended on April 2, and sits 51% higher than its 30-day VWAP. Neurocrine plans to cover the tender offer with its existing cash and a small piece of prepayable debt. No financing condition is attached. Still, closing hinges on a majority of Soleno shareholders tendering their stock and the expiration of the Hart-Scott-Rodino waiting period—the U.S. antitrust hurdle. Both companies are aiming to wrap things up within 90 days.
Soleno Chairman and CEO Anish Bhatnagar called Neurocrine “the right strategic partner” to expand Vykat XR’s footprint in Prader-Willi syndrome. The company puts the U.S. patient count around 10,000. SEC
Shares continued to sit under the cash bid. Under the merger pact, either party can walk away if closing slips past Oct. 5, 2026, though some scenarios push that deadline out to Jan. 5, 2027. The tender still needs to hit minimum-share thresholds and win regulatory clearance.
Gano pushed for a tighter focus. According to him, Neurocrine isn’t positioning Vykat XR as a weight-loss therapy. The company, he said, wants to give patients an earlier start and work to maintain weight stability for the long haul.
