Neurocrine Biosciences to Acquire Soleno Therapeutics for $2.9 Billion

Neurocrine Biosciences, Inc. (NBIX) entered a merger agreement on April 6, 2026, to acquire Soleno Therapeutics, Inc. (SLNO) in a deal valued at $2.9 billion.

Deal Structure:

Neurocrine, through a subsidiary, will commence a cash tender offer to acquire all of the outstanding shares of Soleno’s common stock for $53 per share, representing a premium of 34.21% from the stock’s last close.

Company Profile:

Soleno is a clinical-stage biopharmaceutical company that develops and commercializes treatments for rare diseases. Its main product is VYKAT XR (diazoxide choline), a once-daily oral drug for managing hyperphagia in patients with Prader-Willi syndrome.

Neurocrine is a biopharmaceutical company that develops and markets treatments for neurological, endocrine, and psychiatric disorders. Its portfolio includes approved drugs such as INGREZZA and other therapies, along with a pipeline of clinical-stage candidates across multiple disease areas.

Deal Details and Timeline:

Through this deal, Neurocrine will acquire Soleno’s drug VYKAT XR (diazoxide choline), which is the first treatment specifically designed to help control excessive hunger (hyperphagia) in people with Prader-Willi syndrome (PWS). This will help Neurocrine expand its range of medicines and strengthen its role in treating hormone-related and rare diseases.

Since the drug was approved by the FDA and launched in the U.S. in mid-2025, it has been adopted quickly, earning $190 million in total revenue that year, including $92 million in the last quarter alone.

PWS is a rare genetic condition that affects about 10,000 people in the United States. It is caused by a problem with genes on chromosome 15. The disorder affects brain development, behavior, and the body’s metabolism.

The most important and serious symptom is hyperphagia, which means a constant and intense feeling of hunger. This can lead to uncontrollable eating and a strong drive to find food, which can be life-threatening. People with PWS often also have learning difficulties, along with emotional and behavioral challenges.

The deal will be funded with cash on hand, and Neurocrine also plans to improve its financial structure by adding a small amount of debt.

The deal is expected to close within 90 days.

Centerview Partners and Guggenheim Securities are advising Soleno on the financial side, while Wilson Sonsini Goodrich & Rosati is handling its legal matters. For Neurocrine Biosciences, Goldman Sachs is acting as the financial advisor, and Cooley is providing legal support.

Neurocrine is purchasing Soleno at 13.95 times the sales.

Deal Metrics:

For further insights into this merger and acquisition, please visit the Deal Metrics page:

Deal Metrics for the acquisition of Soleno Therapeutics, Inc. (SLNO) by Neurocrine Biosciences, Inc. (NBIX)

The Deal Metrics page for each merger or acquisition includes:

• A comprehensive spread history chart from the announcement to the finalization or failure of the merger.
• All the events as the merger progresses through the expiration of the HSR period, regulatory approvals, shareholder votes, and more.
• Updates on news and SEC filings.
• A history of deal updates.
• And many more relevant details.

Disclaimer: This article is meant for informational purposes only. Please conduct your own due diligence before deciding to buy or sell any securities mentioned herein. We do not guarantee the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article