Neurocrine Biosciences will acquire Soleno Therapeutics for $53 per share in cash, valuing the transaction at approximately $2.9 billion. The deal is structured as a tender offer via a subsidiary and is expected to close within about 90 days, subject to customary conditions and regulatory approvals.

The $53 offer represents a 34% premium to Soleno’s closing share price on April 2 and a 51% premium to its 30-day volume-weighted average price. Shares of Soleno rallied 56.4% over the past week and are up 13.1% year to date, reflecting strong investor sentiment toward the deal.

Soleno’s Vykat XR generated $190 million in 2025 as the first FDA-approved treatment for hyperphagia in Prader-Willi syndrome. The acquisition enhances Neurocrine’s rare-disease portfolio and leverages its commercial infrastructure and intellectual property extending into the mid-2040s to drive long-term value.