Neurocrine Acquires Soleno in $2.9 Billion Cash Deal

Neurocrine Biosciences said on Monday, April 6, that it has agreed to acquire rare-disease drugmaker Soleno Therapeutics in an all-cash transaction valued at $2.9 billion . The move broadens Neurocrine’s focus beyond neuroscience and into metabolic disorders, according to the company’s announcement. Neurocrine said the deal is designed to add a newly approved therapy to its portfolio and deepen its presence in rare diseases.

At the center of the acquisition is Vykat XR , which Neurocrine said is the first U.S.-approved medicine for hyperphagia associated with Prader-Willi syndrome , a rare genetic disorder. The company described the product as a potential blockbuster. Cantor analysts projected that Vykat XR’s annual sales could exceed $1 billion by 2029 , based on their estimates cited in the report.

Under the terms disclosed, Neurocrine will pay $53 per Soleno share , a price that the company said reflects a 34% premium to Soleno’s last closing price. Following the announcement, Soleno shares rose nearly 33% in early trading. Neurocrine said it expects the transaction to close within 90 days , subject to customary conditions.

Neurocrine said it intends to finance the purchase using cash on hand along with a modest amount of prepayable debt . The company also highlighted early commercial traction for Vykat XR, stating the drug generated about $190 million in sales in 2025 within nine months of its March approval. The announcement did not provide additional financial guidance beyond those figures.

The acquisition also comes as Neurocrine continues to rely on its existing rare-disease franchise. The company currently sells Ingrezza and Crenessity , which it said together produced $2.81 billion in sales in 2025 . By adding Soleno’s product, Neurocrine is positioning itself to diversify its revenue base across additional therapeutic areas while remaining focused on specialty and rare-disease markets.

Key uncertainties include the completion timeline and the integration of Soleno’s operations once the deal closes, as well as how quickly Vykat XR adoption develops after its initial launch period. Neurocrine said the transaction is expected to close within 90 days, but it did not detail any further milestones in the announcement.