Neurocrine to Acquire Soleno Therapeutics, Expanding Its Endocrinology and Rare Disease Portfolio

Key Points:

• Neurocrine Biosciences has agreed to acquire Soleno Therapeutics for $53.00 per share in cash, valuing the transaction at approximately $2.9 billion, to expand its portfolio with VYKAT™ XR, the first FDA-approved treatment for hyperphagia in Prader-Willi syndrome (PWS).
• VYKAT XR, launched in Q2 2025, generated $190 million in revenue in 2025 and is expected to be a foundational therapy for PWS, supported by intellectual property protection extending into the mid-2040s, providing long-term value creation.
• The acquisition strengthens Neurocrine’s leadership in endocrinology and rare diseases, adding to its existing first-in-class medicines INGREZZA® and CRENESSITY®, and is anticipated to enhance revenue growth and portfolio diversification through the end of the decade.
• The transaction will be funded with cash on hand and modest pre-payable debt, subject to customary closing conditions and regulatory approvals, with an expected close within 90 days of the announcement.
• Neurocrine will host a conference call to discuss the transaction, highlighting the strategic alignment with its focus on neuroscience and endocrinology, and the commitment to expanding treatment access for PWS patients.