Neurocrine Biosciences has agreed to acquire Soleno Therapeutics for $2.9 billion in cash, paying $53 per share, representing a 34% premium to Soleno’s previous closing price. Both companies’ boards have approved the transaction, which is expected to close within 90 days.

The deal adds Soleno’s once-daily Vykat XR therapy—approved for hyperphagia in Prader-Willi syndrome—to Neurocrine’s portfolio. Vykat XR generated $190.4 million in 2025 and is projected to reach approximately $400 million in annual sales, bolstering Neurocrine’s rare-disease pipeline alongside existing endocrinology assets.

Funding for the acquisition will come from Neurocrine’s cash reserves and pre-payable debt, reflecting a structured capital deployment strategy. Market reaction saw Soleno shares rise as much as 39% in premarket trading, while Neurocrine’s stock dipped 2.7%, highlighting investor focus on valuation and integration execution.