PR Newswire reports that Neurocrine Biosciences has announced it will acquire Soleno Therapeutics in a deal valued at approximately $2.9 billion, marking a significant move to expand its leadership in endocrinology and rare diseases. The acquisition centers on adding Soleno’s commercial therapy, VYKAT™ XR (diazoxide choline), to Neurocrine’s growing portfolio of first-in-class medicines.
VYKAT XR is the first and only FDA-approved treatment for hyperphagia, the defining and life-threatening symptom of Prader-Willi syndrome (PWS), a rare genetic disorder that affects roughly 10,000 patients in the United States. The condition is characterized by persistent hunger, behavioral challenges, and metabolic dysfunction, often leading to severe health complications and reduced quality of life.
Since its approval and launch in 2025, VYKAT XR has shown strong early adoption, generating $190 million in revenue, including $92 million in the fourth quarter alone. Neurocrine plans to leverage its established commercial and medical infrastructure to expand access to the therapy and improve outcomes for patients living with PWS.
The transaction will be executed through a cash tender offer of $53 per share for all outstanding shares of Soleno, representing a premium over recent trading prices. The deal is expected to close within approximately 90 days, pending regulatory approvals and customary closing conditions. Neurocrine intends to fund the acquisition using cash on hand, supplemented by a modest amount of debt.
Company leadership emphasized that the acquisition aligns with Neurocrine’s broader strategy to diversify its portfolio and drive long-term growth through innovative, first-in-class therapies. With the addition of VYKAT XR, Neurocrine will expand its commercial portfolio to three key medicines, alongside INGREZZA® and CRENESSITY®, further strengthening its position in treating complex neurological and endocrine disorders.
The acquisition also reflects a broader trend in the biopharmaceutical industry toward investing in rare diseases and specialized therapies with high unmet medical needs. By integrating Soleno’s operations and leveraging its existing capabilities, Neurocrine aims to accelerate growth, enhance its commercial reach, and deliver sustained value for both patients and shareholders.