Neurocrine Nears $2.9 Billion Cash Acquisition of Soleno’s Vykat XR
Neurocrine Biosciences is in final talks to acquire Soleno Therapeutics for $2.9 billion in cash at $53 per share. It secures Vykat XR, an FDA-approved Prader-Willi therapy with $190 million 2025 revenue and potential $2.3 billion peak annual sales.
1. Deal Overview
Neurocrine Biosciences is in advanced negotiations to acquire Soleno Therapeutics for $2.9 billion in cash at $53 per share, valuing the deal above $2.5 billion. This transaction would grant Neurocrine ownership of Soleno’s Vykat XR treatment for hyperphagia in Prader-Willi syndrome.
2. Vykat XR Profile
Vykat XR is an FDA-approved extended-release therapy for hyperphagia in Prader-Willi syndrome that achieved $190 million in revenue during 2025. Analysts project the treatment could reach up to $2.3 billion in peak annual sales based on market demand.
3. Financial Considerations
The all-cash structure underscores Neurocrine’s commitment to expanding its rare disease portfolio but will require using cash reserves or debt financing. Market observers will watch for changes in leverage ratios and potential impacts on credit metrics.
4. Next Steps and Timeline
The transaction is expected to close within 90 days pending regulatory clearance and standard closing conditions. Integration teams are preparing for commercial and operational alignment post-closing.