Neurocrine Biosciences will acquire rare-disease drugmaker Soleno Therapeutics for $2.9 billion in cash, the companies said on Monday, marking the neuroscience-focused drugmaker’s expansion into metabolic disorders.
The deal gives Neurocrine access to Vykat XR, the first drug approved in the U.S. to treat hyperphagia associated with Prader-Willi syndrome, a rare genetic disorder.
Neurocrine currently markets two rare-disease drugs, Ingrezza and Crenessity, which brought in combined sales of $2.81 billion in 2025.
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 has offered $53 per Soleno share held, which represents a premium of about 34% to the stock’s last close.
Soleno shares surged nearly 33% in early trading.
Vykat XR is “a potential blockbuster in the making,” Neurocrine CEO Kyle Gano said on a call with analysts, though he added the company currently has no plans to launch the drug in Europe as it focuses on the U.S. market.
Cantor analyst Josh Schimmer expects Vykat XR to surpass $1 billion in annual sales in 2029.
The treatment generated about $190 million in sales in 2025, within roughly nine months after receiving approval in March.
The deal, which is expected to close in the next 90 days, will be funded with cash on hand, Neurocrine said, adding that it plans to take a modest amount of prepayable debt.
Hyperphagia, or feelings of intense and persistent hunger, is the hallmark symptom of Prader-Willi syndrome, which could lead to severe obesity as well as physical, mental and behavioral problems.
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.
Source: Reuters.com