Neurocrine Biosciences has entered into a definitive agreement to acquire Soleno Therapeutics for $53 per share in cash, representing $2.9 billion in total transaction equity value.
The transaction will expand Neurocrine’s portfolio in endocrinology and rare diseases by adding Soleno’s lead product, Vykat XR (diazoxide choline), for Prader-Willi syndrome (PWS).
Vykat XR is a first-in-class therapy approved by the US Food and Drug Administration (FDA) for hyperphagia, the core symptom of the rare genetic disorder PWS.
Upon launch in the United States in the second quarter of 2025, the therapy generated revenue of $190 million, including $92 million in the fourth quarter alone for Soleno.
Neurocrine’s broader infrastructure is expected to increase the reach and effectiveness of Vykat XR.
PWS is characterized by behavioral, neurological and metabolic dysfunctions, particularly hyperphagia.
The acquisition will enable Neurocrine to offer three first-in-class marketed therapies: Ingrezza for tardive dyskinesia and Huntington’s chorea, Crenessity for congenital adrenal hyperplasia, and Vykat XR for PWS. Intellectual property protections for Vykat XR are expected to last until the mid-2040s.
The transaction will be financed through cash on hand and prepayable debt. Neurocrine will begin an all-cash tender offer for all shares of Soleno, reflecting a 34% premium to the closing share price.
The deal is subject to customary conditions and regulatory approvals, and is expected to close within 90 days.
Neurocrine Biosciences CEO Kyle Gano said: “This transaction will advance Neurocrine’s mission to deliver life-changing treatments while accelerating our revenue growth and portfolio diversification strategy.
“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 the reach of Vykat XR to benefit more patients, while further strengthening Neurocrine’s leadership in delivering transformative medicines.”
In 2024, the FDA approved an alternative formulation for Neurocrine’s Huntington’s disease therapy, Ingrezza.
“Neurocrine to Acquire Soleno in $2.9 Billion Transaction” was created and originally published by Pharmaceutical Technology, a brand owned by GlobalData.
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