Neurocrine Biosciences will acquire Soleno Therapeutics for $2.9 billion, adding VYKAT XR, a first-in-class therapy for hyperphagia in Prader-Willi syndrome, and expanding its rare disease and endocrinology portfolio.
Written By: Samiksha Jadhav, BPharm
Reviewed By: Pharmacally Editorial Team
Neurocrine Biosciences has entered into a definitive agreement to acquire Soleno Therapeutics for $53.00 per share in cash, representing a total equity value of approximately $2.9 billion. The transaction will add VYKAT XR (diazoxide choline), a first-in-class therapy for hyperphagia in Prader-Willi syndrome (PWS), to Neurocrine’s portfolio and expand its presence in endocrinology and rare diseases.
VYKAT XR received U.S. regulatory approval and launched in the second quarter of 2025. The therapy generated $190 million in 2025 revenue, including $92 million in the fourth quarter. The companies indicated that Neurocrine’s commercial and medical infrastructure is expected to support broader adoption and expand access for patients with PWS following the transaction.
Kyle W. Gano, Ph.D., Chief Executive Officer of Neurocrine Biosciences, stated that the acquisition aligns with the company’s strategy to deliver innovative treatments while diversifying its portfolio. He noted that the addition of VYKAT XR and collaboration with the Soleno team are intended to expand treatment reach for patients with Prader-Willi syndrome and support long-term growth.
Soleno Chairman and Chief Executive Officer Anish Bhatnagar, M.D., said Neurocrine’s experience in endocrinology and rare diseases and its commercial capabilities position it to accelerate the therapy’s impact in the PWS community.
Prader-Willi syndrome is a rare genetic neurodevelopmental disorder caused by abnormal gene expression on chromosome 15 and affects approximately 10,000 patients in the United States. The condition is characterized by neurological, behavioral, and metabolic dysfunction, with hyperphagia as its defining feature. Persistent hunger drives compulsive food-seeking behavior and contributes significantly to morbidity and mortality. Individuals with PWS may also experience cognitive impairment and psychiatric or behavioral challenges.
Following completion of the acquisition, Neurocrine is expected to have three marketed first-in-class therapies: INGREZZA for tardive dyskinesia and Huntington’s disease chorea, CRENESSITY for classic congenital adrenal hyperplasia due to 21-hydroxylase deficiency, and VYKAT XR for hyperphagia in PWS. The companies indicated that this portfolio is intended to support sustained revenue growth and strengthen Neurocrine’s position in endocrinology and rare disease markets.
Under the agreement, Neurocrine will commence a cash tender offer to acquire all outstanding Soleno shares at $53.00 per share, representing a premium of approximately 34% to Soleno’s closing share price on April 2, 2026, and 51% to the 30-day volume-weighted average price. The transaction will be funded with cash on hand, with Neurocrine planning to add a modest amount of pre-payable debt. The boards of both companies have approved the deal, which is expected to close within 90 days, subject to regulatory approvals and customary closing conditions.
Reference
Neurocrine to Acquire Soleno Therapeutics, Expanding Its Endocrinology and Rare Disease Portfolio, 06 April 2026, Neurocrine to Acquire Soleno Therapeutics, Expanding Its Endocrinology and Rare Disease Portfolio | Neurocrine Biosciences
About the Writer
Samiksha Vikram Jadhav is a B.Pharm graduate with a strong academic foundation in pharmaceutical sciences, pharmacology, and drug development. She has a keen interest in healthcare advancements, clinical research, medical writing, and emerging therapies. Her work focuses on presenting developments in the pharmaceutical and healthcare sectors through clear and accurate scientific communication.