Neurocrine Biosciences said on Monday it will acquire Soleno Therapeutics for $2.9 billion in cash, marking the neuroscience-focused company’s expansion into metabolic disorders.
The deal gives Neurocrine access to Vykat XR, the first U.S.-approved treatment for hyperphagia linked to Prader-Willi syndrome.
Neurocrine Biosciences currently markets two rare-disease drugs, Ingrezza and Crenessity, which generated combined sales of $2.81 billion in 2025.
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The acquisition adds a “third leg to the story that plays into Neurocrine’s current capabilities,” RBC Capital analyst Brian Abrahams said, noting its “accretion potential and competitive positioning”.
Neurocrine Biosciences has offered $53 per share for Soleno Therapeutics, representing a premium of about 34% over the stock’s previous closing price. Following the announcement, Soleno shares jumped nearly 33% in early trading.
Neurocrine CEO Kyle Gano described Vykat XR as “a potential blockbuster in the making” during a call with analysts, though he noted the company currently has no plans to launch the drug in Europe as it focuses on the U.S. market.
Cantor Fitzgerald analyst Josh Schimmer expects Vykat XR to generate more than $1 billion in annual sales by 2029. The treatment brought in around $190 million in 2025, within roughly nine months of its approval in March.
Neurocrine Biosciences said the deal is expected to close within the next 90 days and will be funded using existing cash, along with a modest amount of prepayable debt.
Hyperphagia an intense and ongoing feeling of hunger is a key symptom of Prader-Willi syndrome and can lead to severe obesity, as well as physical, mental, and behavioral challenges.
CEO Gano said the company was not necessarily aiming for weight loss with Vykat XR, but noted that starting patients at a younger age and lower BMI could help maintain weight over time, something it would consider going forward.
