Neurocrine will acquire Soleno for $53 per share in an all-cash transaction valued at $2.9bn, representing a 34% premium over the previous closing price. The deal will be financed through available cash and pre-payable debt, with a cash tender offer to commence for all outstanding Soleno shares.

The acquisition adds Vykat XR, a first-in-class FDA-approved therapy for Prader-Willi syndrome, which generated $190m in revenues since its US launch in Q2 2025, including $92m in Q4. This complements Neurocrine’s existing first-in-class portfolio, including Ingrezza for tardive dyskinesia and Crenessity for congenital adrenal hyperplasia, and leverages its broader infrastructure to extend Vykat XR’s market reach.

The agreement is subject to customary closing conditions and regulatory approvals, with an anticipated completion within 90 days. Intellectual property protections for Vykat XR are expected to extend into the mid-2040s, supporting long-term revenue streams post-close.