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

VYKAT™ XR (diazoxide choline) is the First and Only FDA Approved Treatment for Hyperphagia in Prader-Willi Syndrome and Represents a Transformative Therapy

Apr. 6, 2026 at 1:23pm

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Neurocrine Biosciences, Inc. has entered into a definitive agreement to acquire Soleno Therapeutics, Inc. for $53.00 per share in cash, representing a total transaction equity value of $2.9 billion. The acquisition will expand Neurocrine's portfolio of innovative medicines and strengthen its leadership position in endocrinology and rare disease, adding VYKAT™ XR, a first-in-class therapy to treat hyperphagia, the defining feature of Prader-Willi syndrome (PWS).

Why it matters

The transaction will advance Neurocrine's mission to deliver life-changing treatments while accelerating its revenue growth and portfolio diversification strategy. VYKAT XR is well positioned as the foundational first-line therapy for PWS and is supported by a strong intellectual property estate, providing a durable platform for long-term value creation.

The details

Following the completion of the transaction, Neurocrine will have three marketed, first-in-class therapies: INGREZZA®, CRENESSITY®, and VYKAT XR. Together, these medicines will position Neurocrine to deliver sustained revenue growth through the end of this decade. VYKAT XR, approved in March 2025 for the treatment of PWS, generated $190 million in 2025 revenue for Soleno.

  • VYKAT XR was approved by the FDA in March 2025.
  • Soleno generated $92 million in revenue from VYKAT XR in the fourth quarter of 2025.

The players

Neurocrine Biosciences, Inc.

A leading biopharmaceutical company dedicated to discovering, developing and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine and immunological disorders.

Soleno Therapeutics, Inc.

A company focused on the development and commercialization of novel therapeutics for the treatment of rare diseases, including VYKAT XR for the treatment of hyperphagia in Prader-Willi syndrome.

VYKAT XR (diazoxide choline)

The first and only FDA-approved therapy for hyperphagia with Prader-Willi syndrome in the United States.

Prader-Willi syndrome (PWS)

A rare genetic neurodevelopmental disorder characterized by hyperphagia, a chronic and life-threatening condition marked by an intense persistent sensation of hunger and lack of normal satiety.

Kyle W. Gano, Ph.D.

Chief Executive Officer of Neurocrine Biosciences.

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What they’re saying

“This transaction will advance Neurocrine's mission to deliver life-changing treatments while accelerating our revenue growth and portfolio diversification strategy. We share the Soleno team's deep commitment to the Prader-Willi syndrome community and look forward to leveraging our experience and capabilities to expand VYKAT XR's reach to benefit more patients, while further strengthening Neurocrine's leadership in delivering transformative medicines.”

— Kyle W. Gano, Ph.D., Chief Executive Officer, Neurocrine Biosciences

“Neurocrine is the right strategic partner to expand the reach of VYKAT XR in the Prader-Willi syndrome community given their experience in endocrinology and rare disease and their proven ability to execute successful commercial launches. We are excited to accelerate VYKAT XR's impact for PWS patients following completion of the transaction by leveraging Neurocrine's strong commercial capabilities.”

— Anish Bhatnagar, M.D., Chairman and Chief Executive Officer of Soleno

What’s next

The transaction is expected to close within 90 days, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals.

The takeaway

The acquisition of Soleno and the addition of VYKAT XR, a first-in-class therapy to treat hyperphagia in Prader-Willi syndrome, will expand Neurocrine's portfolio of innovative medicines and strengthen its leadership position in endocrinology and rare disease, positioning the company for sustained revenue growth through the end of the decade.