Neurocrine Biosciences to Acquire Soleno Therapeutics for $2.9B

All-cash deal adds rare disease treatment VYKAT XR to Neurocrine's portfolio

Apr. 6, 2026 at 5:06pm

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A close-up photograph of a sleek, modern glass medicine bottle with the VYKAT XR logo, resting on a clean, monochromatic background and dramatically lit to convey the gravity and importance of this new rare disease treatment.A new treatment for the rare genetic disorder Prader-Willi syndrome aims to transform the lives of patients and their families.Redwood City Today

Neurocrine Biosciences announced plans to acquire Soleno Therapeutics in an all-cash transaction valued at approximately $2.9 billion. The deal will add Soleno's newly launched rare disease treatment VYKAT XR for Prader-Willi syndrome to Neurocrine's portfolio, accelerating the company's revenue growth and diversification strategy.

Why it matters

The acquisition reinforces Neurocrine's focus on transformative therapies for patients with rare and orphan diseases. VYKAT XR is the first and only FDA-approved treatment for hyperphagia, a defining and life-threatening symptom of Prader-Willi syndrome, a rare genetic disorder affecting around 10,000 people in the U.S.

The details

Under the terms of the agreement, Neurocrine will commence a cash tender offer to acquire all outstanding shares of Soleno at $53 per share. Neurocrine executives said the transaction is not subject to a financing condition and will be funded with the company's existing cash reserves. They expect the deal to be immediately accretive to Neurocrine's revenue growth starting in 2026.

  • Soleno's VYKAT XR was approved by the FDA in March 2025 and launched in the U.S. in the second quarter of that year.
  • In 2025, VYKAT XR generated $190 million in revenue for Soleno, including $92 million in the fourth quarter.

The players

Neurocrine Biosciences

A biopharmaceutical company focused on developing and commercializing therapies for patients with serious, challenging, and under-addressed neurological, endocrine, and psychiatric disorders.

Soleno Therapeutics

A clinical-stage biopharmaceutical company focused on the development and commercialization of therapies for rare and orphan diseases, including its lead candidate VYKAT XR for the treatment of Prader-Willi syndrome.

Kyle Gano

CEO of Neurocrine Biosciences.

Samir Siddhanti

Vice President of Strategy and Business Development at Neurocrine Biosciences.

Eric Benevich

Chief Commercial Officer at Neurocrine Biosciences.

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What they’re saying

“We believe VYKAT XR has blockbuster potential based on the patient population size, unmet need, and a strong intellectual property estate.”

— Kyle Gano, CEO, Neurocrine Biosciences

“Providers need to understand that hyperphagia is not only 'insatiable hunger,' but also includes behavioral aspects such as preoccupation with food and food-seeking behaviors, along with serious potential consequences including morbid obesity and even risks such as gastric rupture or choking.”

— Eric Benevich, Chief Commercial Officer, Neurocrine Biosciences

What’s next

Neurocrine plans to maintain its focus on executing a successful U.S. launch of VYKAT XR and does not currently have plans to expand the treatment to Europe, stating the company wants to maintain momentum in the initial market.

The takeaway

The acquisition of Soleno Therapeutics and its rare disease treatment VYKAT XR aligns with Neurocrine's strategy of building a portfolio of first-in-class therapies that address significant unmet needs for patients. The deal is expected to immediately boost Neurocrine's revenue growth and diversify its product offerings.