Neurocrine Biosciences, Inc. (NBIX), on Monday, said it has entered into a definitive agreement to acquire Soleno Therapeutics, Inc. (SLNO) for $53 per share in cash, representing a total equity value of $2.9 billion.
Under the terms, Neurocrine will launch a cash tender offer to acquire all outstanding Soleno shares at $53 per share, representing a premium of about 34% to Soleno's April 2 closing price and 51% to its 30-day volume-weighted average price.
The transaction will be funded with cash on hand and a modest amount of debt.
The deal is expected to close within 90 days.
The acquisition will add VYKAT XR or diazoxide choline, the first and only FDA-approved treatment for hyperphagia in Prader-Willi syndrome, to Neurocrine's portfolio, strengthening its presence in endocrinology and rare diseases.
The companies said VYKAT XR generated $190 million in revenue in 2025 following its U.S. launch, with expectations for continued growth supported by Neurocrine's commercial capabilities.
The transaction will expand Neurocrine's portfolio to three marketed, first-in-class medicines, alongside INGREZZA and CRENESSITY, supporting long-term revenue growth and diversification.
In the pre-market trading, Neurocrine is 2.74% lesser at $128 on the Nasdaq.
In the pre-market trading, Soleno Therapeutics is 39.02% higher at $54.90 on the Nasdaq.
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