Shares of Soleno Therapeutics, Inc. (SLNO) are up by 33% in pre-market trading following the announcement that Neurocrine Biosciences, Inc. (NBIX) will acquire the company in a $2.9 billion cash transaction.
Neurocrine Biosciences, a biopharmaceutical company focused on neurological, psychiatric, and endocrine disorders, has entered into a definitive agreement to acquire Soleno Therapeutics for $53.00 per share in cash, representing a total equity value of approximately $2.9 billion.
The acquisition brings Soleno's lead product, VYKAT XR (diazoxide choline), into Neurocrine's portfolio. VYKAT XR is the first and only FDA-approved treatment for hyperphagia, the defining feature of Prader-Willi syndrome (PWS), a rare genetic disorder characterized by insatiable hunger. Since its U.S. launch in 2025, VYKAT XR has demonstrated strong adoption, generating $190 million in revenue in 2025, including $92 million in the fourth quarter alone.
"This transaction will advance Neurocrine's mission to deliver life-changing treatments while accelerating our revenue growth and portfolio diversification strategy," said Kyle W. Gano, Ph.D., Chief Executive Officer, Neurocrine Biosciences. "We share Soleno's deep commitment to the Prader-Willi syndrome community and look forward to expanding VYKAT XR's reach to benefit more patients."
Anish Bhatnagar, M.D., Chairman and Chief Executive Officer of Soleno Therapeutics, added: "Neurocrine is the right strategic partner to expand the reach of VYKAT XR in the Prader-Willi syndrome community. Their proven commercial expertise will accelerate the therapy's impact for patients in need."
The acquisition will expand Neurocrine's high-growth commercial portfolio to three first-in-class medicines, including INGREZZA (valbenazine) and CRENESSITY (crinecerfont), while establishing a durable platform for long-term revenue growth supported by strong intellectual property rights for VYKAT XR expected to extend into the mid-2040s.
The deal is expected to close following customary regulatory approvals. Neurocrine will host a conference call today at 8:00 AM ET to discuss the transaction.
SLNO has traded between $29.43 and $90.32 over the past year. The stock closed Thursday's trading (April 2, 2026) at $39.49, up 6.67%. In pre-market the stock is at $52.54, up 33.05%.
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