Neurocrine Biosciences Acquires Soleno Therapeutics in $2.9 Billion Cash Deal

Apr 06, 2026 11:25 UTC

NBIX, SLNO

Immediate term

Neurocrine Biosciences has agreed to acquire Soleno Therapeutics for $53 per share in a $2.9 billion cash transaction. The deal, expected to close within 90 days, has led to a significant pre-market surge in Soleno's stock.

Neurocrine Biosciences to acquire Soleno Therapeutics for $2.9 billion in cash.
$53 per share price represents a 34% premium to Soleno's April 2 closing price.
VYKAT XR, Soleno's FDA-approved treatment for Prader-Willi syndrome, generated $190 million in 2025 revenue.
Transaction expected to close within 90 days and funded with cash and modest debt.
Soleno's stock surged 39.02% in pre-market trading following the announcement.
Neurocrine's shares fell 2.74% in pre-market trading.

Neurocrine Biosciences, Inc. (NBIX) has announced a definitive agreement to acquire Soleno Therapeutics, Inc. (SLNO) in a $2.9 billion cash deal. The transaction, valued at $53 per Soleno share, represents a 34% premium to the company's April 2 closing price and a 51% premium to its 30-day volume-weighted average price. The acquisition will add VYKAT XR, the first FDA-approved treatment for hyperphagia in Prader-Willi syndrome, to Neurocrine's portfolio. VYKAT XR generated $190 million in revenue in 2025 following its U.S. launch, and the companies expect continued growth under Neurocrine's commercial infrastructure. The deal is expected to close within 90 days and will be funded using cash reserves and a small amount of debt. In pre-market trading, Soleno's stock surged 39.02% to $54.90, while Neurocrine shares declined 2.74% to $128.